An analysis of the Manufacturing Overhead account revealed that overhead had been overapplied during the accounting period. As a result,

Multiple Choice

• inventory accounts during the accounting period would be overstated.
• a year end adjusting entry would be necessary to reduce the amount of cost of goods sold.
• the company's products were overpriced during the accounting period (assume the company uses a cost plus pricing policy).
• All of the choices represent consequences of overapplied overhead.