Morris Company uses the FIFO method in computing equivalent units. It has 4,000 units in beginning work in process, one-fourth completed with respect to conversion costs. Also, 18,000 units are started and completed and 6,000 units are in ending work in process, one-third completed with respect to conversion costs. Materials are added at the start of the process. If total materials cost is $84,000, the unit materials equivalent cost is: $4.67 $4.00 $3.65 $3.50 None of the above