What is the term for the cost assigned to goods from a prior process?

Question

Quizplus · Accepted Answer

Transferred-in cost is the cost assigned to goods from a prior process, also known as a predecessor process. This cost refers to the amount incurred in the previous department to produce the goods or services that are now being processed in the current department. Therefore, option B is the correct answer. The other options, FIFO costing method, weighted average method, and operating costing, are different methods used to allocate costs but are not specifically related to the cost assigned to goods from a prior process.

What Is the Term for the Cost Assigned to Goods