5. ABC Company uses a process cost accounting system. The following information is available regarding direct labor for the current year: Goods Goods Units completed and transferred to in process, January 1 5,500 units, 80% complete 8,800 units, 40% complete in process, December 31 46,900 units finished goods Direct labor costs during the year $266,300 (a) Calculate the equivalent units of production for direct labor for the year using weighted average. (1 point) (b) Calculate the average cost per equivalent unit for direct labor (round to the nearest cent). (1 point) You must show your work for both parts of this problem for credit. You may use the template below for part (a) Hint: Average cost per EU for part (b) should be a number between $5.10 and S5.40 Percent of Wo Equivalent ni Units completed Ending goods in process Total (b) Average cost per equivalent unit =