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The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The...

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Accounting

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 $ 962
Conversion costs 497
Current period costs
Direct materials 19,320
Conversion costs 14,994

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

Beginning inventory 600 units

(70% complete as to materials,

55% complete as to conversion)
Current period units started 5,500 units
Ending inventory 1,700 units

(50% complete as to materials,

20% complete as to conversion)

Required: FIFO Method

(1) Compute the equivalent units for the materials and conversion cost calculations.

Equivalent units for materials ----------------
Equivalent units for conversion costs -----------------

(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.)

Cost Per Equivalent Unit
Direct materials ---------------
Conversion costs ----------------

*ANSWER needs to be filled in the space that is marked "-------------"

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