Exercise 8-28 Compute Costs per Equivalent Unit: FIFO Method (LO 8-5)

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	$	1,886
Conversion costs		634
Current period costs
Direct materials		23,030
Conversion costs		13,106

Quantity information is obtained from the manufacturing records and includes the following:

Beginning inventory	640	units	(70% complete as to materials, 60% complete as to conversion)
Current period units started	3,500	units
Ending inventory	1,100	units	(50% complete as to materials, 20% complete as to conversion)

Required:

Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.)