Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating department: Conversion Direct materials Percent Units Percent Complete Complete Beginning work in process inventory Units started and completed 92,000 80% 25% 262,000 Units completed and transferred out Ending work in process inventory 354,000 36,000 30% 10% Production cost information for the Fabricating department follows. Beginning work in process Direct materials Conversion $ 110,760 91,700 $ 202,460 Costs added this period $ 744,600 $ Conversion 1,100,620 1,845,220 Direct materials Calculate the cost per equivalent unit for conversion. Multiple Choice $3.03 $4.20 $3.29 $2.77 $3.56