Castle Company uses the FIFO method in its process costing system. In the Cutting Department in June, units were four-fifths complete with respect to conversion in the beginning work in process inventory and one-third complete with respect to conversion in the ending work in process inventory. Other data for the department for June follow:

	Units	Conversion Cost
Beginning work in process inventory	35,000	$ 40,000
Units started into production, and costs incurred during the month	160,000	$212,750
Units completed and transferred out	117,000

The cost per equivalent unit for conversion cost is closest to: (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

a. $1.85

b. $1.27

c. $2.20

d. $1.93