Micker Boots produces cowboy boots, its Raw Materials Inventory ...

[joe3899]

Question 1

If the Cost of Goods Sold is less than the cost of goods manufactured, then
◦ Finished Goods Inventory increases during the period.
◦ overhead was overapplied.
◦ Finished Goods Inventory decreases during the period.
◦ overhead was underapplied.

Question 2

Micker Boots produces cowboy boots, its Raw Materials Inventory account contains only direct materials. If the beginning balance in Raw Materials Inventory is $5,000, the ending balance is $3,500, and $60,000 was the amount transferred to Work in Process Inventory, what is the amount of materials purchased during the period?
◦ $60,000
◦ $68,500
◦ $61,500
◦ $58,500

[Mynameisrandom]

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[joe3899]

Excellent

[bitingbit]

Thanks for the timely response, appreciate it