Assume a company uses the weight-average method in its process costing. Its Work in Process T-account for the Refining Department for August is: Work in Process: Refining Department Debit August 1 balance Materials Direct labor Overhead Credit 62,000 Completed and transferred to Finished Goods ? 310,000 72,000 181,000. August 31 balance. The August 1 work in process inventory consisted of 6,000 units with $40,000 in materials cost and $22,000 in conversion cost. The August 1 work in process inventory was 100% complete with respect to materials and 40% complete with respect to conversion. During August 48,000 units were started into production. The August 31 work in process inventory consisted of 8,000 units that were 100% with respect to materials and 60% complete with respect to conversion. The cost per equivalent unit for conversion is closest to: