Which of the following best describes transferred-in costs?
◦ they are the cost of transferring products from a vendor
◦ they are value-added costs that are only considered in the first-in,first out process costing system
◦ costs incurred in a previous department or process that are carried forward as the product's cost as that product moves to another department or process in the production cycle
◦ they are the shipping costs related to finished goods that are transported to a customer's location