4. Consider the following statements regarding abnormal losses in process costing: i) They are also known as controllable losses. ii) One of the examples is wastage due to evaporation in a chemical process. iii) They indicate that part/parts of the process is/are ineffective.

iv) They are also known as unavoidable losses. Which option is correct for abnormal losses in a process costing system? (a) Statements i, and iii (b) Statements ii, and iv (c) Statements i, ii, and iii (d) Statements i, iii, and iv