9 Matrix Inc. calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (37,000 units): Direct materials (98% completed) Conversion (52% completed) Balance in work in process inventory, July 1 $122,500 76,950 Units started during July Units completed and transferred Work-in-process inventory, July 31: $199,450 91,000 103,900 Direct materials (98% completed) conversion (52% completed) 24,100 Cost incurred during July: Direct materials Conversion costs $181,000 289,000 Cost per equivalent unit for conversion under the FIFO method is calculated to be: Multiple Choice $1.99 $2.97 $3.18 $3.07 $2.38