Lights Incorporated calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work- in-process inventory, July 1 (36,000 units) : Direct materials (95% completed) $ 122, 000 Conversion (48% completed) 77, 500 Balance in work in process inventory, July 1 $ 199, 500 Units started during July 87, 000 Units completed and transferred 98, 350 Work- in-process inventory, July 31: Direct materials (95% completed) 24, 650 Conversion (48% completed) Cost incurred during July: Direct materials $ 185, 650 Conversion costs 267, 000 Cost per equivalent unit for conversion under the FIFO method is calculated to be: Multiple Choice O $2.97. O $287. O $2.53. O $3.07. O $213