Paquet Company uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January.
|
Units
|
Percent Complete with Respect to Conversion
|
|
Beginning work in process inventory
|
7,700
|
40%
|
|
Transferred in from the prior
|
|
|
|
department during January
|
56,000
|
|
|
Completed and transferred to the next
|
|
|
|
department during January
|
58,400
|
|
|
Ending work in process inventory
|
5,300
|
90%
|
The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $16,940 and a total of $347,320 in conversion costs were incurred in the department during January.
What was the cost per equivalent unit for conversion costs for January in the Molding Department? (Round off to three decimal places.)