A manufacturing company applied $400,000 of overhead to its jobs during the year. Actual overhead costs incurred during the year equal 370,000. Which of the following joumal entries correctly adjusts over-or underapplied overhead? Assume the adjustment amounts are not materiall. Credit the Work in Process Inventory for $30,000 and Debit the Factory Overhead for $30,000 Debit the Work in Process Inventory for $30,000 and Credit the Factory Overhead for $30,000 Debit the Cost of Goods Sold for $30,000 and Credit the Factory Overhead for $30,000 Credit the Cost of Goods Sold for $30,000 and Debit the Factory Overhead for $30,000