Which are true statements about equivalent units of production?

It refers to the number of units that would have been produced if all production efforts during the period had resulted in completed products.

It refers to the number of units that are partially completed during the concerned period.

It is calculated by adding units completed and transferred to the finishing department and product of the units in process and the percent complete.

It is calculated by adding units completed and transferred to the finishing department and the units in process.