Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Information about July's activities is as follows: On July 1: Beginning inventories 850 units, 60% complete Direct materials cost $5,000 Conversion costs $4,000 During July: Number of units started 15,000 Direct materials added $155,000 Conversion costs added $83,520 On July 31: Ending inventories 1,600 units, 40% complete Using the FIFO method and rounding cost per unit to four decimal places, the cost of goods completed and transferred out during July was Oa. $225,060 Ob. $228,200 Oc. $227,270 Od $236,905