Lincoln Company had the following information at December 31: Finished goods inventory, January 1 $ 60,000 Finished goods inventory, December 31 170,000 If the cost of goods manufactured during the year amounted to $2,400,000 and annual sales were $2,950,000, the amount of gross profit for the year is Select one: O A. $446,000. B. $720,000 C. $550.000 0 D. $660,000. O E. None of the above. During 2018, Adams expected Job No. 59 to cost $700,000 of overhead, $1,000,000 of materials, and $500,000 in labor. Adams applied overhead based on direct labor cost. Actual production required an overhead cost of $580,000, $1,200,000 in materials used, and $450,000 in labor. All of the goods were completed. How much is the amount of over- or underapplied overhead? Select one: A. $50,000 underapplied 0 B. $50,000 overapplied 0 C. $120,000 underapplied D. $120,000 overapplied E. None of the above