Step 1: Relation between acidity and p$K_a$.
Lower p$K_a$ corresponds to higher acidity. In metal hydride complexes, acidity decreases as electron density on the metal center increases.
Step 2: Ligand effects.
CO is a strong $\pi$-acceptor, withdrawing electron density from the metal and increasing acidity (lowering p$K_a$).
PPh$_3$ is a $\sigma$-donor and weak $\pi$-acceptor, increasing metal electron density and reducing acidity (raising p$K_a$).
Step 3: Comparing the complexes.
\[
\text{I: HCo(CO)}_4 \rightarrow \text{most acidic (lowest p}K_a)
\]
\[
\text{IV: HCo(CO)}_2(\text{PPh}_3)_2 \rightarrow \text{least acidic (highest p}K_a)
\]
Thus, the p$K_a$ order is IV>III>II>I.
Step 4: Conclusion.
The correct order of p$K_a$ values is IV>III>II>I.