P10 Insert Draw Page Layout Formes Data Review View Tell me X man Calibri Bodyl 11 ' ' 13 Wrap Number Delete Merge Cente Call Conditional Format Forming Table oxfo- B C D E F G H 1 K L M ROUND ALL ANSWERS TO 2 DECIMAL PLACES Le. $22.22: remember, you should be using formulas; so, use the round function to round answers The following production estimates were made for the coming year: Total Quilts to be produced Total manufacturing hours available during the year Total direct laborers 20,000 2.000 3 Estimate for Year 4 15 96 The following cost estimates were available at the beginning of the year. Use these estimates to determine total estimated manufacturing overhead during the year * Use variables from above for the bandes Production supervisor earns $3,800 per month $ Classroom rentis per month Utilities cost $(*) per quarter Pencils cost $2.00 with a weful life of 20 hours Scissors cost with a useful life of 10 hours Rulers cost with a se life of 50 hours Glue cost $("cents per quilt Total Estimated Manufacturing Overhead $ 48 49 50 51 52 53 45,500.00 7,416.00 2.472.00 200.00 2.475.00 2.000.00 450.00 60, 611.00 55 Calculate the Predetermined Overhead Rate (POHR) to be used during the year to allocate manufacturing overhead to jobs and Work In Process Inventory: -S2/39 $ 10.11 per DL 57 58 C 59 60 61 52 Complete the following job cost sheet for your in-class job Job Cost Sheet Direct Materials Sheets Cost per Sheet White material Total 30 MacBook Air 30, S88 % 5 wo 7 4 7 2 o P T R Y C E H J K F G D S M N B K V P1 (0) Draw Page Layout Formulas Review View Tell me Insert X 11 - A A E Wrap Text Number Calibri (Bodyl BIU Merge Center % 9 81% Conditional Format Formatting as Table Xfx -97 A B E F G H 1 c. Complete the following job cost sheet for your in-class job: Job Cost Sheet Direct Materials Sheets Cost per Sheet Total White material 10 $ 2.00 $ 20.00 Blue material 18 4.00 72.00 Yellow material 15 4.00 60.00 $ 152.00 Direct Labor B Hours 0.40 0.40 0.40 1.20 Measuring labor Cutting labor Assembly labor Total Rate per Hr. Total $ 14.00 $ 5.60 12.00 16.00 6.40 $ 16.80 4.80 + Manufacturing Overhead Predetermined OH Rate $ DLH Used 1.20 5 Total 36.37 30.31 0 1 2 23 74 35 76 77 78 79 80 81 82 83 D. 84 Total Job Cost Number of Quilts Cost per Quilt $ 205.17 9 $ 22.80 Answer the following questions: If you decide to charge the bookstore cost plus 40% for the quilts, the selling price for one quilt is: 1 Ready MacBook Air MST oxf97 L M N O $ 31.91 $ 5 5 $ 182.37 159.57 72.95 B c D E F G H K 83 D. Answer the following questions: 84 1. If you decide to charge the bookstore cost plus 40% for the quilts, the selling price for one quilt is: 85 Use your answers from 1 and the job cost sheet above to answer questions 2-5: 86 2. If you sold all but one of the quilts you made, total sales revenue would be: 3. you sold all but one of the quilts you made, the cost of goods sold would be 88 4. you sold all but one of the quilts you made finished goods inventory would be: 89 5. If you sold all but one of the quilts you made your total gross profit would be: 90 Use the following to answer questions 6-9: 91 Assume you mistakenly treated the cost of production labor as a period cost operating expensel 92 and you sold all but one of the quilts you made for the same price calculated in 81). What is 93 resulting effect on the following financial statement elements? 94 6. Assets Select one: Understated Overstated No Effect 95 7. Cost of Goods Sold Select one: Understated Overstred No Effect 96 8. Gross Profit Select one: Understated Overstred No Effect 97 9. Net Income Select one: Understated Overstated No Effect 98 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: 100 Use your answer in 10 and the following information to answer questions 11 and 12: 101 Assume that a 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 biele 108 14. Would the account be increased or decreased? Select one: Increase Decrease 109 No Effect Understated Overstated No Effect $ 189,415.63 Overallocated 124,615.63 $ 06 07 08 09 10 13. Which income statement account would be adjusted for the overallocated or underallocated overhead? Type complete name; no abbreviations or acronyms. 14. Would the account be increased or decreased? Select one: Enter account title: Increase Decrease PI Ready