Cohasset Company currently manufactures all component parts used in the manufacture of various hand tools. Hurley Division produces a steel handle used in three different tools. The budget for these handles is 120,000 units with the following unit cost.

Direct material $ 1.20

Direct labor 1.00

Variable overhead 0.70

Fixed overhead 0.40

Total unit cost $ 3.30

Ironwood Division purchases 32,000 handles from Hurley Division and completes the hand tools. An outside supplier, R & M Steel, has offered to supply 32,000 units of the handle to Ironwood Division for $1.91 per unit. Hurley currently has idle capacity that cannot be used. If Cohasset would like to develop a range of transfer prices, what would be the maximum transfer price that Ironwood would be willing to pay?