4. Assume that a manufacturing company applies overhead to jobs based on $2 for each direct labor dollar incurred. In March, the company incurred $100,000 of direct labor costs and $200,000 direct material costs and determined that the COGS reported in the income statement after the book were closed was $520,000. There were no changes in both work-in-process and finished goods inventory levels. If over/under applied overhead is closed to COGS, the overhead applied to work-in-process and actual overhead were, respectively a. $220,000 and $200,000 b. $200,000 and $180,000 c. $180,000 and $200,000 d. $200,000 and $220,000 WIP 100.000 DL 200000 DM 520 000 COGS 2000