Luster Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:
|
|
|
Percentage |
|
|
Units |
complete |
|
Beginning work in process inventory |
13,000 |
40% |
|
Started into production during June |
98,000 |
|
|
Ending work in process inventory |
11,000 |
30%
|
According to the company”s records, the conversion cost in beginning work in process inventory was $39,364 at the beginning of June. Additional conversion costs of $721,035 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.)
A) $6.615
B) $7.358
C) $7.361
D) $7.570