Matrix Inc. 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 $122,450 76,850 $199,300 90,500 102,900 Units started during July Units completed and transferred Work-in-process inventory, July 31 Direct materials (99% completed) conversion (51% completed) 24,100 Cost incurred during July: Direct materials Conversion costs $180,500 288,500 Total equivalent units for conversion under the FIFO method are calculated to be: Multiple Choice 126,759 equivalent units. 96,576 equivalent units 115,191 equivalent units. 102,900 equivalent units. 90,500 equivalent units