Oxford, Inc., which uses a process-cost accounting system, began operations on January 1 of the current year. The company incurs conversion cost evenly throughout manufacturing. If Oxford started work on 7,300 units during the period and these units were 50% of the way through manufacturing, it would be correct to say that the company has:

Multiple Choice

• 7,300 physical units in production.
• 3,650 completed units.
• 3,650 in-process units.
• 3,650 equivalent units of production.
• 7,300 equivalent units of production.