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 August i balance 62,000 Completed and transferred to Finished Goods Materials 310,000 Direct labor 72,000 Overhead 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: Multiple Choice o $7.71. O $721 O $6.71. 0 0 $5.41