1.25 points Time Remaining 38 minutes 17 seconds00:38:17 Item 7Item 7 1.25 points Time Remaining 38 minutes 17 seconds00:38:17 A company uses the FIFO method for inventory costing. At the start of the period the production department had 24,000 units in beginning Work in Process inventory which were 42% complete; the department completed and transferred 167,000 units. At the end of the period, 24,000 units were in the ending Work in Process inventory and are 77% complete. The production department had labor costs in the beginning goods is process inventory of $101,000 and total labor costs added during the period are $726,875. Compute the equivalent cost per unit for labor.