Matrix Inc. calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (35,500 units): Direct materials (96% completed) Conversion (47% 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 (47% completed) Cost incurred during July: Direct materials Conversion costs $123,000 77,450 $200,450 86,500 97,400 24,600 $186,000 266,500 Cost per equivalent unit for conversion under the FIFO method is calculated to be $215. $2.55. $2.89. $2.99. $3.08