Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (37,500 units): Direct materials

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Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (37,500 units): Direct materials (97% completed) $ 122,550 Conversion (53% completed) 77,000 Balance in work in process inventory, July 1 $ 199,550 Units started during July 91,500 Units completed and transferred 104,700 Work-in-process inventory, July 31: Direct materials (97% completed) 24,300 Conversion (53% completed) Cost incurred during July: Direct materials $ 181,500 Conversion costs 289,500 The cost of goods completed and transferred out under the weighted-average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest