Matrix Inc. calculates cost for an equivalent unit of production using the weighted average method. Data for July: Work-in-process inventory, July 1 (38,000 units): Direct materials (91% completed) Conversion (52% 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 (91% completed) Conversion (52% completed) Cost incurred during July: Direct materials Conversion costs $122,200 77,700 $199,900 89,000 101,300 25,700 $171,500 269,000 The cost of goods completed and transferred out under the weighted average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $94,604. $591,980. $544,994. $557,750. $558,690