Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 98,000 units, 80% complete as to materials and 20% complete as to conversion. Units started and completed: 268,000. Units completed and transferred out: 366,000. Ending Inventory: 39,000 units, 30% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $55,200. Costs in beginning Work in Process - Conversion: $97,700. Costs incurred in October - Direct Materials: $844,050. Costs incurred in October - Conversion: $937,300. Calculate the cost per equivalent unit of materials.

Multiple Choice

• $2.78

• $2.51

• $2.27

• $2.82

• $2.38