I. A credit balance in the Manufacturing Overhead account at the end of the year means that manufacturing overhead was overapplied. II. If the actual manufacturing overhead cost for a period exceeds the manufacturing overhead cost applied, then manufacturing overhead would be considered to be overapplied. III. The entire difference between the actual manufacturing overhead cost for a period and the applied manufacturing overhead cost is typically closed to the Work In Process account. Multiple Choice O Only statement I is true. Only statement II is true.. Only statement III is true. None of the statements are true.