Chapter 3: Assume fuel oil is a significant part of manufacturing overhead. A company estimated it pre-determined overhead rate using an estimated cost of $ 2.50 per gallon of fuel oil. During the year the actual cost of fuel oil jumped to over $ 4.00 per gallon Which of the following most accurately reflects the outcome of these events? Manufacturing overhead would be over-applied and Cost of Goods Sold would need to be adjusted upward. Manufacturing overhead would be over-applied and Cost of Goods Sold would need to be adjusted downward. Manufacturing overhead would be under-applied and cost of Goods Sold would need to be adjusted downward. Manufacturing overhead would be under-applied and Cost of Goods Sold would need to be adjusted upward. revious Not saved