Assume there is no beginning work-in-process inventory and the ending work-in- process inventory is 70 percent complete as to conversion costs. If equivalent units are calculated using the first-in, first-out (FIFO) method, the number of equivalent units for conversion will be more than the physical number of units started in the process during the period. less than the physical number of units started in the process during the period. the same as the physical number of units started in the process during the period. the same as the physical number of units completed and transferred out during the period