Lucky Ducks uses a predetermined overhead rate to apply FOH to production based on machine hours. At the beginning of the year FOH was estimated to be $100,000 and machine hours to be 20,000. During the year they had the following FOH costs: Indirect Materials 13,000 Indirect Labor 77,000 Factory Depreciation 8,000 Factory Utilities 15,000 Actual machine hours used during the year were 21,000. Evaluate the following statements: $106,000 of FOH was applied to production FOH is $7,000 overapplied this year The journal entry to close out FOH at the end of the year, CGS will be credited