TB MC Qu$.5$S$-7($Static$)$ Equivalent units of production for a$...$

Equivalent units of production for a process costing system using the FIFO method are equal to:

Multiple Choice

Units completed during the period $+$ Equivalent units in the ending work in process inventory.

Units transferred out $+$ Equivalent units in ending work in process inventory $+$ Equivalent units in beginning work in process inventory.

Units started and completed during the period $+$ Equivalent units in the ending work in process inventory.

Units completed during the period and transferred out.