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, December 31 8,800 units, 40% complete
Units completed and transferred to finished goods 46,900
Direct Labor costs during the year $266,300
(a) Calculate the equivalent units of production for direct labor for the year.
(b) Calculate the average cost per equivalent unit for direct labor (round to the nearest cent).
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