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 $ 980 Conversion costs 557 Current period costs Direct materials 26,600 Conversion costs 18,090 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 800 units (60% complete as to materials, 50% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (40% complete as to materials, 15% complete as to conversion) 3.Award: 10 out of 20.00 points Required: (1) Compute the equivalent units for the materials and conversion cost calculations. (2) Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.) eBook & Resources eBook: Assign costs to products using first-in, first-out (FIFO) costing. References WorksheetDifficulty: 2 MediumLearning Objective: 08-05 Assign costs to products using first-in, first-out (FIFO) costing. 4.Award: 0 out of 30.00 points Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.)