Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 33,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 118,000. Units completed and transferred out: 151,000. Ending Inventory: 34,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $51,000. Costs in beginning Work in Process - Conversion: $56,850. Costs incurred in February - Direct Materials: $345,480. Costs incurred in February - Conversion: $607,150. Calculate the cost per equivalent unit of conversion.

Multiple Choice $5.18 $3.40 $2.63 $4.24