Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 45,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 130,000. Units completed and transferred out: 175,000. Ending Inventory: 40,000 units, 100% complete as to materials and 25% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $63,000. Costs in beginning Work in Process - Conversion: $68,850. Costs incurred in February - Direct Materials: $420,600. Costs incurred in February - Conversion: $619,150. Calculate the cost per equivalent unit of materials.

Multiple Choice

$1.53

$2.47

$1.96

$2.94

$3.24