Excalibur Ltd. began operations on October 1 of the current year. Its production requires that direct materials are 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. $116.67 b. $70.00 c. $25.00 d. $21.88