CVX Corporation is a manufacturer that uses job-order costing and applies overhead using a plantwide rate based on direct labor-hours. The company closes out overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the most recently completed year: Estimated total manufacturing overhead $638.250 at the beginning of the year Estimated direct labor-hours at the 37,000 beginning of the year Results of operations for the year are as follows: Direct labor-hours 34,000 Manufacturing overhead: Indirect labor cost incurred $148,000 Other manufacturing $450,000 overhead costs incurred Cost of goods sold (unadjusted) $1,518,000 After the adjusting entry for overhead variance is made at the end of the year. Cost of Goods Sold for the year at CVX will be: $1.518,000 $1.506,500 $1,642,000 $1.529,500 None of the above