Question 6 a: The combination of the cost of direct labor and materials and other costs related to the manufacturing process is called ________.

a		total expenses
b		operating costs
c		cost of goods sold
d		manufacturing overhead

b: Which inventory-cost method is the least common method used even though it is appealing?

a		Specific unit
b		FIFO
c		Average cost

c: A company that uses the periodic inventory system has net purchases during 20XX of $10,000, and its beginning inventory was $3,000. If the ending inventory is $5,000, then the cost of goods sold would be ____.

a		$7,000
b		$8,000
c		$11,000
d		$13,000