13.50 Use the following to answer questions 6-9: Assume you mistakenly treated the cost of production labor as a period cost operating expense) and you sold all but one of the quilts you made for the same price calculated in 1). What is resulting effect on the following financial statement elements? 6. Assets Select one: Understated Overstated No Effect 7. Cost of Goods Sold Select one: Understated Overstated No Effect 8. Gross Profit Select one: Understated Overstated No Effect 7 9. Net Income Select one: Understated Overstated No Effect 8 10. Assume that during the year, your production workers actually worked a total of 6,250 hours 99 Manufacturing overhead allocated to all jobs during the year would be: 00 Use your answer in 10 and the following information to answer questions 11 and 12: 01 Assume that at year end it was determined that actual manufacturing overhead totaled $64,800 102 11 Manufacturing overhead would be: Select one Overallocated Underallocated 103 12. By how much? 104 Assume that the amount in 12 is not considered material and most of the quilts have been 105 sold 106 13. Which income statement account would be adjusted for the overallocated 107 or underallocated overhead? Type complete name, no abbreviations or acronyms Enter account title 108 14. Would the account be increased or decreased? Select one: Increase Decrease 109 110 P1 Type here to search Lenovo X 2 3 $ 4 % 5 6 & 7 8 Tab Q W E R T T apsLk A S D F G . J 16. Seved Home Insert Draw Page Layout Formulas Review View Help - 10 Xan In Copy Format 5 - % 9 hent Delete com Cat f B D E 1 M N 0 0 White material Blue material Yellow material F G Sheets Cost per sheet 10 $ 2.00 18 4.00 15 4.00 H Total 20.00 72.00 60.00 $152.00 Director Measuring labor Cutting labor Assembly labor Hou Hate per Total 0.40 10.00 $ 5.60 0.40 12.00 6.40 0.40 16.00 1.20 S 11.00 Manufacturing Overhead Predetermined Rate 5 30.27 DH Uved Total 1.20 $ 36.32 Total lob Cont Number of Quilts Cost per Quilt $206.72 9 $ 22.97 s $ 1. if you decide to change the bookstore cont plus for the quilts, the selling price for ane galt is: Use your answers from 11 and the job cost sheet above to answer questions 2 2. #you sold all but one of the quilts you made total sales revence would be 3 you sold all but one of the quilts you made the cost of goods sold would be 4you so all but one of the quilts you made finished goods inventory would be 5. If you sold all but one of the guits you made your tot ons profit would be: Use the following tower questions 69: P1 252-26 1837 160 5 Type here to search o novo B $ 4 % 5 8 7 2 3 6 8 Q W E R
