Transferred-in costs are costs of work performed:
A)In the current department from last period that are transferred in this period.
B)In the preceding department that are transferred into the present department.
C)In a prior period that transferred in this period.
D)By an outside supplier of materials or labor.

Question

Quizplus · Accepted Answer

Transferred-in costs refer to the costs of work performed in the preceding department that are transferred into the present department. Option A is incorrect as it refers to costs transferred from the current department of the last period. Option C is incorrect as it refers to costs from a prior period transferred in the current period. Option D is incorrect as it refers to costs incurred from outside suppliers.

Transferred-In Costs Are Costs of Work Performed