Which account refers to the reserve set-aside that contains the portion of a premium that has been paid before insurance coverage has been provided.

The ending inventory for raw materials was overstated. This error will cause:

A) the cost of goods manufactured to be understated. B) the cost of goods sold to be overstated. C) the net income to be understated. D) Answers A and B are correct.

For work done during August, Footprints Company incurred direct materials costs of $104,000 and conversion costs of $260,000. The company employs a just-in-time operating philosophy and backflush costing. At the end of August, it was determined that the Work in Process Inventory account had been assigned $1,080 of costs, and the ending balance of the Finished Goods Inventory account was $1,220

There were no beginning inventory balances. Using the information provided for Footprints Company, what was the ending balance of the Cost of Goods Sold account for August? A) $361,700 B) $362,780 C) $362,920 D) $364,000