Knot Happy Valley Inc. uses a normal costing system and had the following data available for 2016: Direct materials purchased $40,000 Direct labor cost incurred 25,000 Actual overhead incurred 44,000 Cost of goods manufactured 118,000 Beginning direct materials inventory 10,000 Ending direct materials inventory 22,000 Beginning WIP inventory ? Ending WIP inventory 20,000 Beginning finished goods inventory 24,000 Ending finished goods inventory 10,000 Knot Happy Valley allocates overhead costs at the rate of $1.50 of overhead for every $1 of direct materials cost. a. What is the amount of overhead allocated during 2016? b. What is the overhead variance for the 2016 (amount)? c. Manufacturing overhead costs during 2016 have been: CHOOSE ONE: OVERAPPLIED UNDERAPPLIED NEITHER d. What is the beginning work-in-process inventory balance? e. What is cost of goods sold for the period?