Matrix Inc. calculates cost for an equivalent unit of production using the weighted average method Data for July: Work-in-process inventory, July 1 (39,000 units): Direct materials (94% completed) Conversion (56% 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 (94% completed) Conversion (56% completed) Cost incurred during July: Direct materials Conversion costs $122,700 77,150 $199,850 93,000 107,400 24,690 $183,000 291,000 Cost per equivalent unit for materials under the weighted-average method is calculated to be: Multiple Choice $1.97. $3.13. O $3.03 $234 $293. O