Spellman Paper is an east coast manufacturing company that uses a process costing system. At the start of production, Spellman adds all the raw material that will be need for production. The following information is available for Q3's production. Beginning Work in Process Inventory (45% complete as to conversion) 10,000 units Started this period 120,000 units Ending Work in Process Inventory (60% complete as to conversion) 8,200 units Beginning Work in Process Inventory Costs: Material $24,500 Conversion $68,905 Current Period Costs: Material $ 75,600 Conversion $130,053 Refer to Spellman Company. What is the material cost per equivalent unit using the weighted average method? (Round to two decimal places) Group of answer choices $0.75 $1.34 $0.78 $1.53