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 81). What is resulting effect on the following financial statement elements? 6. Assets Select one: Understated Overstated 7. Cost of Goods Sold Select one: Understated Overstated 8. Gross Profit Select one: Understated Overstated 9. Net Income Select one: Understated Overstated No Effect No Effect No Effect No Effect D. Answer the following questions: 1. If you decide to charge the bookstore cost plus 40% for the quilts, the selling price for one quilt is: Use your answers from 1 and the job cost sheet above to answer questions 2-5 31.91