Axel Ltd. began operations on October 1 of the current year. Its production requires that direct materials be added at the beginning of the process, and conversion costs are incurred uniformly. Direct materials costs for October were $380,000, and conversion costs were $1,750,000. There were 80,000 units started during the month. The ending inventory was 25,000 units, which were 60% complete. The cost per equivalent unit for conversion was ________. a. $25.00 b. $116.67 c. $70.00 d. $16.67 e. $21.88