Lights Incorporated calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (36,500 units): Direct materials (99% completed) Conversion (51% 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 (99% completed) Conversion (51% completed) Cost incurred during July: Direct materials Conversion costs $ 122,450 76,850 $ 199,300 90,500 102,950 24,050 $ 180,500 Cost per equivalent unit for conversion under the FIFO method is calculated to be: 288,500