Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (39,500 units): Direct materials (93% completed) $122,750 Conversion (57% completed) 77,200 Balance in work in process inventory, July 1 $199,950 Units started during July 93,500 Units completed and transferred 108,300 Work-in-process inventory, July 31: Direct materials (93% completed) 24,700 Conversion (57% completed) Cost incurred during July: Direct materials Conversion costs $183,500 291,500 Cost per equivalent unit for materials under the weighted-average method is calculated to be: