24. At year end, records show that actual manufacturing overhead costs incurred were $25,870 and the amount of manufacturing overhead costs applied to production was $27,000. Identify the amount of under- or over applied manufacturing overhead and indicate whether the Cost of Goods Sold account should be increased or decreased to adjust the balance to reflect actual manufacturing overhead costs. 5. Give examples of the two journal entries recorded for the sale of a product using the perpetual inventory system of inventory costing. a. b