During March, the production department of a process operations system completed and transferred to finished goods 122,000 units. At the end of March, 15,000 additional units were in process in the production department and were 25% complete with respect to conversion. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $56,000, overhead costs of $112,000 and direct materials cost of $103,000 for the period. The conversion cost per equivalent unit (rounded to the nearest cent) is:

Group of answer choices

$1.38

$1.34

$2.16

None of these are correct

$1.23