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 $ 976 Conversion costs 272 Current period costs Direct materials 11,440 Conversion costs 6,644 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 600 units (60% complete as to materials, 53% complete as to conversion) Current period units started 4,000 units Ending inventory 1,200 units (40% complete as to materials, 20% complete as to conversion) 6.value: 1.66 pointsRequired information 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.) ReferenceseBook & Resources WorksheetDifficulty: 2 MediumLearning Objective: 08-05 Assign costs to products using first-in, first-out (FIFO) costing. Check my work 7.value: 1.66 pointsRequired information Compute the cost of goods transferred out and the ending inventory using the FIFO method. (Do not round intermediate calculations.)