Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method.

Data for July:
Work-in-process inventory, July 1 (37,500 units):
Direct materials (92% completed)	$	122,150
Conversion (51% completed)		77,650
Balance in work in process inventory, July 1	$	199,800
Units started during July		88,500
Units completed and transferred		100,400
Work-in-process inventory, July 31:
Direct materials (92% completed)		25,600
Conversion (51% completed)
Cost incurred during July:
Direct materials	$	171,000
Conversion costs		268,500

Cost per equivalent unit for materials under the weighted-average method is calculated to be:

Multiple Choice

• $1.93.

• $2.37.

• $2.85.

• $2.95.

• $3.03.