Matrix Inc. calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (39,500 units): Direct materials (88% completed) Conversion (55% 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 (88% completed) Conversion (55% completed) Cost incurred during July: Direct materials Conversion costs $122,350 77,850 $200,200 95,000 108,500 26,000 $173,000 270,500 Total equivalent units for conversion under the FIFO method are calculated to be: Total equivalent units for conversion under the FIFO method are calculated to be: Multiple Choice 131,380 equivalent units. 122,800 equivalent units. 95,000 equivalent units. 108,500 equivalent units. 101,075 equivalent units