The Lakeside Company uses a weighted-average process costing system. The following data are available:

Beginning inventory-0-

Units started in production23,000

Units finished during the period17,500

Units in process at the end of the period (finishes as to materials, finished as to labor and overhead)5,500

Cost of materials used $53,750

Labor and overhead costs $55,755

Cost per equivalent unit of materials is:

• $2.95.
• $2.66.
• $2.42.
• $2.34.