Lights Incorporated calculates cost for an equivalent unit of production using the weighted average method. Data for July: Fork-in-process inventory, July 1 (35, 500 units): Direct materials (96% completed) Conversion (47% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (96% completed) Conversion (47% completed) Cost incurred during July: Direct materials Conversion costs $123,000 77,450 $ 200, 450 86,500 96, 800 25, 200 $186,000 266,500 Cost per equivalent unit for materials under the weighted average method is calculated to be: Multiple Choice O $2.90 O O $3.00 $2.15 $3.08 $2.55