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3. A company uses a process cost accounting system and the weighted average method for inventory costs. The following information is avallable regarding direct labor for the current year: Goods in process, January 1 5,500 units, 80% complete Goods in process, December 31 8,800 units, 40% complete Units completed and transferred to finished goods 46,900 units Direct labor costs during the year $266,300 (a) Calculate the equivalent units of production for direct labor for the year. (b) Calculate the average cost per equivalent unit for direct labor (round to the nearest cent)