Overboard Corporation uses the first-in, first-out method in its process costing system. In the Cutting Department in June, units were 80% complete with respect to conversion in the beginning work in process inventory and 25% complete with respect to conversion in the ending work in process inventory. Other data for the department for June follow: Units Conversion Cost Beginning work in process inventory 21,500 $ 34,000 Units started into production, and costs incurred during the month 155,000 $ 227,000 Units completed and transferred out 135,000 The cost per equivalent unit for conversion cost is closest to: Multiple Choice $1.77 $1.46 $1.40 $1.93