7. A company uses a process costing system. Its Assembly Department's beginning inventory consisted of 35,000 units, 75% complete with respect to direct labor and overhead. The department completed and transferred out 130,000 units this period. The ending inventory consists of 40,000 units that are 50% complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $35,000 and overhead costs of $30,000 for the period. Assuming the weighted average method, the direct labor cost per equivalent unit (rounded to the nearest cent) is: . a. 50.17 b. 50.15 c. 50.23 d. $0.29 e. $0.35