Matrix Inc. calculates cost for an equivalent unit of production using the weighted average method. Data for July: Work-in-process inventory, July 1 (36,500 units): Direct materials (99% completed) $122,450 Conversion (51% completed) 76,850 Balance in work in process inventory, July 1 $199,300 Units started during July 90,500 Units completed and transferred 102,900 Work-in-process inventory, July 31: Direct materials (99% completed) 24,100 Conversion (51% completed) Cost incurred during July: Direct materials $180,500 Conversion costs 288,500 Cost per equivalent unit for materials under the weighted average method is calculated to be