10) True False At year-end, there is a comparison between Budgeted and Actual Factory Overhead. If the actual number is higher, the amount that it is larger by is called Underapplied, and vice versa. 11) Find the Cost of Goods Manufactured: Work in process June 1, 2018 $ 10,000 Work in process June 30, 2018 37,800 Direct Materials used Direct Labor used 110,500 237,250 Factory Overhead Actual 348,000 Factory Overhead Applied (Budgeted) 346,000 A) 655,950 B) 665,950 C) 667,950 D) None of the above. 12) Who votes for the Board of Directors? A) The Stockholders B) The CEO, CFO, COO and President C) They are not voted for; they are assigned for 2-year terms