Lights Incorporated calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (40,000 units): Direct materials (92% completed) Conversion (58% 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 (92% completed) Conversion (58% completed) Cost incurred during July: Direct materials Conversion costs $ 122,800 77,250 $ 200,050 94,000 109,600 24,400 $ 184,000 292,000 Cost per equivalent unit for conversion under the FIFO method is calculated to be