Wilco Inc. uses a process costing system with two cost categories (Materials and Conversion). Wilco computed that for the most recent period they had 50,000 equivalent units of materials and 47,500 equivalent units of conversion. Beginning WIP contained $25,000 of material cost and $23,750 of conversion cost. Wilco added $75,000 of materials cost during the period and $95,000 of conversion cost. Given this information, what is the conversion cost per equivalent unit? $3.00 $0.50 Some other answer $1.50 $2.00