Bentley Enterprises uses process costing to control costs in the manufacture of Dust Sensors for the mining industry. The following information pertains to operations for November. (CMA Exam adapted)

	Units
Work in process, November 1st		17,900
Started in production during November		119,000
Work in process, November 30th		25,900

The beginning inventory was 70% complete as to materials and 10% complete as to conversion costs. The ending inventory was 90% complete as to materials and 30% complete as to conversion costs. Costs pertaining to November are as follows: Beginning inventory: direct materials, $56,460; direct labor, $22,220; manufacturing overhead, $17,140. Costs incurred during the month: direct materials, $487,000; direct labor, $201,880; manufacturing overhead, $410,160. What is the equivalent unit cost for the conversion costs assuming Bentley uses first-in, first-out (FIFO) process costing?

$4.67.

$5.23.

$5.11.

$5.21.