The following production data were taken from the records of the Finishing Department for July: Inventory in process, July 1, 30% completed Transferred to finished goods during July Ending work in process during July, 40% completed 5,000 units 40,500 units 4,000 units Determine the total equivalent units for conversion costs, assuming that the first-in, first-out method is used to cost inventories. Assume that all direct materials are placed in process at the beginning of production. a. 40,600 units Ob. 40,500 units O c. 39,500 units Od. 44,500 units