Penny, Inc. employs a process costing system. Direct materials are added at the beginning ok the process. Here's information about July's activities: 23 un July 1 Beginning inventories Direct materials cost Conversion costs During July Number of units started Direct materials added 850 units. 60% complete $5,000 $4,000 15,000 $155.000 $83,520 Conversiofr costs added 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 a $228,200 Ob.$227,270 Oc. $236,905 Od $225,060