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Matrix Inc. calculates cost for an equivalent unit of production using the FIFO method. Data for July: Work-in-process inventory, July 1 (34,500 units): Direct materials (98% completed) Conversion (45% 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 (98% completed) Conversion (45% completed) Cost incurred during July: Direct materials Conversion costs $122,900 77,350 $200,250 95,000 105,000 24,500 $185,000 265,500 Cost per equivalent unit for conversion under the FIFO method is calculated to be