QUESTION 7 Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method. Data for July Work-in-process inventory, July 1 (36,000 units) -- Direct materials (100% completed) S 122,400 76,800 Conversion (50% completed) Balance in work in process inventory, July 1$199.200 90,000 102,000 Units started during July Units completed and transferred Work-in-process inventory, July 31: 24,000 Direct materials (100% completed) conversion (50% completed) Cost incurred during July $180,000 288,000 Direct materials Conversion costs Cost per equivalent unit for materials under the weighted-average method is calculated to be: O $2.00. O $2.40. O $3.00. O$3.10. O $3.20