Universal Manufacturing uses a weighted-average process-costing system. All materials are introduced at the start of manufacturing and conversion costs are incurred throughout the process. The company's beginning and ending work in process inventories totaled 17300 units and 20100 units, respectively, with the latter units being complete at the end of the period. Universal started 30100 units into production and completed 27300 units. Manufacturing costs follow:

Beginning work in progress: materials, $67900; conversion cost, $173000

Current costs: Materials, $181000; conversion cost, $481000

Universal's equivalent-unit cost for conversion cost is:

a. $11.78

b. $16.07

c.$19.07

d. $23.27

e. None are correct