overhead rate of 80% of Lund Company applies manufacturing overhead to jobs using a predetermined Goods Sold at the end of the month During March, the following transactions were recorded by the company abor cost Any underapplied or overapplied manufacturing overhead cost is closed out to Cost of Raw materlals (all direct materials) Purchased during the month Used in production $ 30,500 31500 Labor 2.300 s 18,400 S 6.900 Manufacturing overhead costs Incurred (total) 17,700 Direct labor hours worked during the month Direct labor cost incurred Indirect labour cost incurred Inventories Raw materials (all direct), March 31 Work in process, March 1 Work in process, March 31 contains $5,700 In direct labor cost s 8,200 S 11,200 $ 15,400 The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would Include O a debit of $3,680 to the Cost of Goods Sold O a debit of $3,680 to the Manufacturing Overhead account O a credit of $2.980 to Cost of Goods Sold O a credit of $2.980 to the Manufacturing Overhead account