Saved Help Save & Exit Subm Quiz Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $119,500 and $124,200, respectively. During the year, actual overhead was $106,600 and actual direct labor cost was $112,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice A debit to Cost of Goods Sold for $920 O A credit to Factory Overhead for $320. A credit to finished Goods Inventory for $920. A debit to Work in Process Inventory for $920 A credit to Cost of Goods Sold for $920