Penny, Inc. employs a process costing system Direct materials are added at the beginning of the process. Here is information about the July activities: On July 1: Beginning inventories Direct materials cost Conversion costs 850 units, 60% complete $5,000 $4,000 During July Number of units started Direct materials added Conversion costs added 15.000 $155,000 $83,520 On July 31: Ending inventories 1,600 units, 40% complete 1. Using the FIFO method, the number of units started and completed in July was a. 14,250 b. 15,000 c. 13,400 d. 15,740 2. Using the FIFO method, the number of equivalent units of conversion costs was a. 14,400 b. 14,380 c. 14,550 d. 15,850 3. Using the FIFO method and rounding cost per unit to the nearest whole dollar, the cost of goods completed and transferred out during July was a. $227,270 b. $225,060 c. $236,905 d. $228,200 4. Using the FIFO method, the cost per equivalent unit for materials used during July was a. $10.78 b. $10.33 c. $9.78 d. $10.65