* Required PART 2: Scenario-Based Multiple-Choice Questions Use the below information to answer the following NINE questions (numbered 2 through 10). This information was provided by Boom Company for July 2020. $87,500 17.500 297,500 $96,250 35,000 262,500 Inventories (Beginning): Raw Materials Work in Process Finished Goods Inventories (Ending) Raw Materials Work in Process Finished Goods Additional Information: Administrative Expenses Direct Labor Factory Insurance Indirect Labor Marketing Costs Purchases of Raw Materials Sales Sales Commissions $612,500 350,000 100,000 425,000 481,250 437,500 2.625.000 26,250 5 points 7. What was the amount of total product costs for July 2020?* O $778,750 O $1,120,000 O $1,303,750 O $2,423,750 None of the above 8. What was the amount of total prime costs for July 2020?* 5 points O $778,750 O $1,120,000 0 $1,303,750 O $2,423,750 None of the above