Question 17 4 pts Which of the following costs are NOT accounted for as part of cost of goods sold expense that appears on the income statement? direct labor, direct materials, overhead, selling, and administrative selling and administrative overhead direct materials, direct labor, and overhead Question 18 4 pts Flower Co. bases its pre-determined overhead rate on estimated labor hours. Manufacturing overhead is a mixed costs. At the beginning of the year, the company made the following estimates: estimated labor hours 100,000 hours $2,500,000 estimated fixed manufacturing overhead estimated variable manufacturing overhead per labor hour $8.00 The actual labor hours for the year turned out to be 95,000 hours. What is the pre-determined overhead rate for the year? $8.00 $33.00 $26.32 $25.00 Question 19 4 pts When using job-order costing, it is important to use a pre-determined overhead rate to: determine the actual overhead cost for each job as it is completed determine the cost of the job once the job has been completed C calculate how much overhead should be sent to the income statement with the period costs add to the cost of goods sold total on the income statement for analysts and stockholders Question 20 4 pts ABC Co. applies overhead based on machine hours. The company started their only job for the year and estimated that they would use 10,000 machine hours. Results have shown that 12,500 machine hours were actually used. Cost data for ABC Co. is as follows: $50 per unit Direct Materials Direct Labor $62 per unit $1,000,000 Estimated Overhead $1,200,000 Actual Overhead Selling & Administrative Cost $10.00 per unit How much overhead has been applied to the job cost sheet? $1,000,000 $1,200,000 $1,250,000 $1,500,000 Question 21 4 pts If manufacturing overhead is underapplied during the period, what will be the effect on net income after it has been adjusted? net income will decrease when adjusted net income will increase when adjusted net income will remain the same as you should never adjust for underapplied overhead net income will remain the same as you should never adjust for underapplied overhead at the cost of goods manufactured stage