Cahalane Corporation has provided the following data for its two most recent years of operation: Which of the following statements is true for Year 1 ? Multiple Choice The amount of fixed manufacturing overhead deferred in inventories is $48,000 The amount of fixed manufacturing overhead released from inventories is $560,000 The amount of fixed manufacturing overhead deferred in inventories is $560,000 The amount of fixed manufacturing overhead released from inventories is $48,000