Clemmens Company applies overhead based on direct labor cost Estimated overhead and direct labor costs for the year were $112.500 and $124.900, respectively. During the year, actual overhead was $107.300 and actual direct labor cost was $120,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include(Round predetermined overhead rate to nearest whole percentage) Multiple Choice o A credit to Factory Overhead for $700. o A credit to Cont of Goods Sold for 5700 o O A debt to Work in Process inventory for $700 o O A debit to Cost of Goods Sold for 5700 o O A credit to Finished Goods invertory for $700