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Accounting

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[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 $ 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)

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.

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