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. Was the factory overhead under or over-applied? What is the adjustment necessary to dispose Scooby factory overhead balance at the end of the year? (Read Ch 19 pages 874-875-Disposal of Factory Overhead) Question 10 options: $7,012 Overapplied. The entry to adjust is: Factory Overhead 7,012 Cost of Goods Sold 7,012 $7,012 Underapplied. The entry to adjust is: Factory Overhead 7,012 Cost of Goods Sold 7,012 $7,012 Underapplied. The entry to adjust is: Cost of Goods Sold 7,012 Factory Overhead 7,012 $7,012 Overapplied. The entry to adjust is: Cost of Goods Sold 7,012 Factory Overhead 7,012