A company uses a process costing system and the weighted average method for inventory costs.The following information is available regarding direct labor for the current year: 
Calculate the average cost per equivalent unit for direct labor (round to the nearest cent).
Definitions:
Balance Sheet
A summarization capturing the value of assets, liabilities, and equity from shareholders of a company at an exact moment.
Income Statement
A financial statement that shows a company's revenues, expenses, and profit over a specific period.
Cost Principle
An accounting principle that requires assets, liabilities, equity, and expenses to be recorded at their original cost.
Market Value
The market's current rate for transactions involving the purchase or sale of an asset or service.
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