In order to compute equivalent units of production using the FIFO method of process costing, work for the period must be broken down to units: Completed from beginning inventory, started and completed during the month, and units in ending inventory. Completed during the period and units in ending inventory. Started during the period and units transferred out during the period. Processed during the period and units completed during the period. Under which of the following conditions will the first-in, first-out method of process costing produce the same cost of goods manufactured amount as the average cost method? When goods produced are homogeneous in nature When there is no beginning inventory When there is no ending inventory When beginning and ending inventories are each 50 percent complete The average cost method of process costing differs from the FIFO method of process costing in that the average cost method: Requires that ending work in process inventory be stated in terms of equivalent units of production. Can be used under any cost-flow assumption. Does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production. Considers the ending work in process inventory only partially complete