Lights Incorporated calculates cost for an equivalent unit of production using the FIFO method.

Data for July:
Work-in-process inventory, July 1 (35,500 units):
Direct materials (96% completed)	$ 123,000
Conversion (47% completed)	77,450
Balance in work in process inventory, July 1	$ 200,450
Units started during July	86,500
Units completed and transferred	97,400
Work-in-process inventory, July 31:
Direct materials (96% completed)	24,600
Conversion (47% completed)
Cost incurred during July:
Direct materials	$ 186,000
Conversion costs	266,500

Cost per equivalent unit for conversion under the FIFO method is calculated to be: