The Doodad Company purchases a machine for $600,000. The machine has an estimated residual value of $120,000. The company expects the machine to produce eight million units. The machine is used to make 520,000 units during the current period.

If the units-of-production method is used, the depreciation rate is:

$0.06 per unit.

$0.23 per unit.

$0.92 per unit.

$1.15 per unit.