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

Data for July:
Work-in-process inventory, July 1 (36,500 units):
Direct materials (99% completed)	$ 122,450
Conversion (51% completed)	76,850
Balance in work in process inventory, July 1	$ 199,300
Units started during July	90,500
Units completed and transferred	102,950
Work-in-process inventory, July 31:
Direct materials (99% completed)	24,050
Conversion (51% completed)
Cost incurred during July:
Direct materials	$ 180,500
Conversion costs	288,500

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

Multiple Choice

• $3.09.

• $2.99.

• $1.99.

• $3.19.

• $2.39.