Inventory at the beginning of October in the last processing department of a company contained 50,000 units of goods that were partially complete. 70,000 units were completed and transferred out of the department during October. There was no ending inventory. Assume there was no spoilage. Which of the following statements is TRUE?

1. The equivalent units for transferred-in costs under FIFO for this department is 50,000

2. The equivalent units for transferred-in costs under FIFO for this department is 30,000

3. The equivalent units for transferred-in costs under FIFO for this department is 20,000

4. The equivalent units for transferred-in costs under FIFO for this department cannot be determined with the given data.

4. Inventory at the beginning of October in the last processing department of a company contained 20,000 units of goods that were partially complete. 50,000 units were completed and transferred out of the department during October. There was no ending inventory. Assume there was no spoilage. Which of the following statements is TRUE?

1. The equivalent units for transferred-in costs under weighted average method is 50,000

2. The equivalent units for transferred-in costs under weighted average method is 30,000

3. The equivalent units for transferred-in costs under weighted average method is 20,000

4. The equivalent units for transferred-in costs under weighted average method cannot be determined with the given data.