The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day: Beginning WIP inventory Direct materials $ 1,992 Conversion costs 554 Current period costs Direct materials 22,680 Conversion costs 13,856 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 550 units (60% complete as to materials, 40% complete as to conversion) Current period units started 4,400 units Ending inventory 1,200 units (40% complete as to materials, 30% complete as to conversion) Required: Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.