Assume Towery Company uses a process costing system based on the FIFO method. Towerys accountant produces the following equivalent unit calculations for the month of July for the first department:

Also assume that the beginning inventory had accumulated $2,850 of materials and $7,930 of conversion costs in the previous month. During the month of July, current costs included $51,100 of materials and $79,310 of conversion costs.

Calculate the average cost per equivalent unit for conversion costs for the month of July.

Select one:

a. $0.05

b. $1.54

c. $15.40

d. $19.48

e. $20.45