Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 100,000 units, 80% complete as to materials and 25% complete as to conversion. Units started and completed: 270,000. Units completed and transferred out: 370,000. Ending Inventory: 40,000 units, 40% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $57,200. Costs in beginning Work in Process - Conversion: $99,700. Costs incurred in October - Direct Materials: $828,520. Costs incurred in October - Conversion: $1,103,900. Calculate the cost per equivalent unit of conversion.

Multiple Choice

$2.65

$3.45

$3.16

$4.09

$2.91