Final answer:
Inventory that contains all costs for products which are currently being manufactured but not yet complete is referred to as work in process inventory, which is option 'c'.
Step-by-step explanation:
The type of inventory that includes direct materials, direct labor, and factory overhead costs for products that have entered the manufacturing process but are not yet completed is known as work in process inventory. This is the correct answer to the multiple-choice question, and you can select 'c. work in process inventory' as the right option.
Work in process inventory represents the items that are currently being made and have incurred costs, but are not yet finished products ready for sale. As the name suggests, these items are "in process" of being manufactured, indicating that the production cycle is incomplete. This inventory category is essential for businesses to track because it directly impacts a company's financial statements and operational efficiency.