A company uses a process cost accounting system. The following information is available regarding direct labor for the current year:
>Goods in process, January 1.....5,500 units, 80% complete
>goods in process, dec 31.....8,800 units, 40% complete
>units completed and tansferred to finished goods.....46,900 units
>Direct labor costs during the year....$266,300
(a) find out the equivalent units of production for direct labor for the year.
(b) find out the average cost per equivalent unit for direct labor (round to the nearest cent).