A company had beginning inventories as follows: Direct Materials, $550; Work-in-process, $750; Finished Goods, $950. It had ending inventories as follows: Direct Materials, $650; Work-in-Process, $850; Finished Goods, $1,050. Material Purchases, net were $2,300, Direct Labor $2,400, and Manufacturing Overhead $2,500. What is the Cost of Goods Sold for the period? Multiple Choice $6,900. $6,800. $7,000 $7100