Question 8 3.85 pts During 2018, Adams expected Job No. 714 to cost $1,000,000 direct materials, direct labor of $500,000 and $700,000 of ove ead. 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. What is the amount of over- or underapplied overhead? $120,000 underapplied $60,000 overapplied $50,000 overapplied None of the above. $120,000 overapplied $50,000 underapplied Question 3 3.85 pts Biden Company has the following sales budgeted for the next three months: January $160,000, February $230,000, and March $200,000. These sales are expected to be 60% on credit and 40% in cash sales. Credit sales collections are projected to be 50% collected in the month of sale and 50% the following month. The total expected cash receipts during March are: $200,000. O $209,000. O $249,000. O $215,000. O None of the above. pts Prince reports the following information concerning the labor standard cost of production: 2 hours at $18 per hour. In producing 2000 units, Prince used 3,850 hours at a cost of $70,455 resulting in Prince reporting a labor quantity variance of None of the above. O $1,545 F. O $2,895 F. $2,700 F. 0$1,155 U