Matrix Inc. calculates cost for an equivalent unit of production using the FIFO method Data for July Work-in-process inventory, July 1 (38,000 units): Direct materials (96% completed) Conversion (54% 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 (96% completed) Conversion (54% completed) Cost incurred during July: Direct materials Conversion costs $122,600 77,050 $199,650 92,000 105,800 24, 200 $182,000 290,000 Cost per equivalent unit for conversion under the FIFO method is calculated to be