Question 11 Marked out of 0.50 Which of the following is correct with respect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? Select one: a. None of given ANSWER is correct. b. The balance in the Work-in-process account after allocation will be the same under either method. c. Cost of Goods Sold will be higher if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. d. Operating income will be higher it all of the underapplied overhead is closed out to Cost of Goods Sold. e. The balance in the Work-in-Process account after allocation will be higher it the underapplied overhead is closed out by allocating it to all appropriate accounts. hi Not yet answered Question 12 Marked out of 0.50 An accountant recently debited Manufacturing Overhead and credited Account Payable at a company that uses job order costing. The accountant was: Select one: a recognizing the completion of production b. applying a predetermined overhead amount to production. c. recording a year-end adjustment for an insignificant amount of underapplied overhead. d. recognizing actual overhead incurred during the period. e. recognizing the cost of direct labor