the following.. Elard Company uses the FIFO method in its process costing system. The first processing department, the Welding Department, started the month with 17,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $101,150. An additional 68,000 units were started into production during the month. There were 23,000 units in the ending work in process inventory of the Welding Department that were 80% complete with respect to conversion costs. A total of $565,125 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs is closest to: $8.31 $7.84 $8.25 $8.50