- Required information For the year ended December 31, 2020, Beckham Spice Products Mfg. Corp. reported manufacturing overhead and cost of goods sold before the adjustment for the under (over) applied overhead as indicated in the T-accounts below. Manufacturing Overhead Cost of Goods Sold $17,842,300 $17,875,000 57,622,800 Select the statement that is consistent with the T-accounts above. Multiple Choice Overhead was underapplied in 2020 and Beckham Spice Products Mfg. Corp. believes its products cost less to produce during 2020 than they actually cost and therefore may have underpriced them to customers. Overhead was overapplied in 2020 and Beckham Spice Products Mfg. Corp. believes its products cost less to produce during 2020 than they actually cost and therefore may have underpriced them to customers. Overhead was underapplied in 2020 and Beckham Spice Products Mfg. Corp. believes its products cost more to produce during 2020 than they actually cost and therefore may have overpriced them to customers. Overhead was overapplied in 2020 and Beckham Spice Products Mfg. Corp. believes its products cost more to produce during 2020 than they actually cost and therefore may have overpriced them to customers. The general journal entry to write-off the under (over) applied overhead would be: Multiple Choice DATE ACCOUNT NAMES DEBIT CREDIT 2020 Manufacturing Overhead 17,842,300 Work In Process 17,842,300 DATE ACCOUNT NAMES DEBIT CREDIT 2020 Cost of Goods Sold 32,700 Manufacturing Overhead 32,700 DATE ACCOUNT NAMES DEBIT CREDIT 2020 Work In-Process 17,875,000 Manufacturing Overhead 17,875,000 DATE ACCOUNT NAMES DEBIT CREDIT 2020 Manufacturing Overhead 32,700 Cost of Goods Sold 32,700 In its 2020 income statement, Beckham Spice Products Mfg. Corp. reported cost of goods sold of: Multiple Choice $75,497,800 $57,655,500 $57,590,100 $57.622,800