In the Excel, or spreadsheet, approach to recording financial transactions, which of the following is true? Manufacturing overhead applied is recorded as an increase in the Work in Process column and as a decrease in the Manufacturing Overhead column. If manufacturing overhead is underapplied by X dollars, the Manufacturing Overhead account is closed out by deducting X dollars in the Manufacturing Overhead column and deducting X dollars in the Retained Earnings column. The Manufacturing Overhead account is used to record two thingsall actual overhead expenses and the amount of manufacturing overhead applied to production using the predetermined overhead rate. Multiple Choice Only statement I is true. Both statements I and II are true. All of the statements