Kets Corporation uses the FIFO method in its process costing system. Operating data for the Enameling Department for the month of May appear below: Units Percent Complete with Respect to Conversion Beginning work in process inventory 7,800 15% Transferred in from the prior department during May 99,500 Ending work in process inventory 16,500 45% What were the equivalent units for conversion costs in the Enameling Department for May? 108,200 97,055 90,800 98,225 Units Beginning work in process inventory......... 16,500 Started into production during May........... 105,000 Completed during May............................ 97,000 Ending work in process inventory............. 24,500 The beginning work in process inventory was 70% complete with respect to materials and 25% complete with respect to conversion costs. The ending work in process inventory was 85% complete with respect to materials and 30% complete with respect to conversion costs. The costs were as follows: Materials Conversion Beginning work in process inventory.... $54,610 $35,610 Costs incurred during May.................. $468,500 $574,540 Using the FIFO method, the cost per equivalent unit of materials for May is closest to: $4.57 $4.41 $4.62 $3.98