Scooby Company has applied $567,988 of overhead into production on Jobs in the Work in Process account. Actual overhead at the end of the year is $575,000. What is the adjustment for over or underapplied overhead? $7012 Overapplied, increase Cost of Goods Sold $7012 Underapplied, increase Cost of Goods Sold $7012 Overapplied, decrease Cost of Goods Sold $7012 Underapplied, decrease Cost of Goods Sold