Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] 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 Conversion costs Current period costs Direct materials Conversion costs $ 1,000 437 15,995 13,992 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory Current period units started: Ending inventory 400 units (70% complete as to materials, 55% complete as to conversion) 5,100 units 1,300 units (50% complete as to materials, 20% complete as to conversion) Exercise 8-35 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.