The term "indirect costs" refers to _______________________.

The Cost of Goods Sold can be defined as __________________.

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

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?

In cash flow statements, reductions in inventory ___________________.

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