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

Beginning inventory		-0-
Units started in production		23,000
Units finished during the period		17,500
Units in process at the end of the period (complete as to materials, complete 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.