Which of the following best describes transferred-in costs in process costing?
◦ These costs are incurred in previous departments that are carried forward to subsequent departments.
◦ These costs are transferred in to the company by an external vendor.
◦ These costs are incurred in transferring raw materials and labor from the place of availability to the factory.
◦ These costs cannot be controlled by an organization as they are transferred to the organization from the market participants.