Holding high levels of inventory result in ____ inventory carrying costs and ____ stockout costs.

Conventionally, accountants refer to the difference between sales and cost of goods sold as the ______________.

In cash flow statements, reductions in inventory ___________________.

At the beginning of the year, XYZ reported balances in Work in Process Inventory and Finished Goods Inventory, respectively, of $174,000 and $102,000. During the year, materials, labor, and overhead costs totaling $678,000 were added to the production. Products costing $612,000 were transferred to finished goods during the year. At the end of the year, the balance in Finished Goods Inventory is $72,000.

What amount should XYZ report as Cost of Goods Sold for the year?

Which of the following is the contra account title used to record discounts for early payments for merchandise?

The term "JIT Inventory" means _________________.