A company that operates a process costing system had work-in-progress at the start of last month of 300 units (valued at $2,500) that were 70% complete in respect of all costs.

Process costs of direct materials, direct labour and production overheads totaled $53,500.

The company uses the Weighted Average method of cost allocation.

What was the cost per equivalent unit (to 2 decimal places), if 1,600 units were transferred to the finished goods warehouse last month?

a. 33.44

b. 36.00

c. 35.00

d. 35.56