Spencer Company had overapplied factory overhead of $$5,000$ last year. Which of the following statements is not true?

Group of answer choices

A higher level of production may have been achieved than budgeted for.

The Work in Process account was overcharged for the costs of factory overhead incurred during the period.

The actual factory overhead expenses may have been less than budgeted for the operating level achieved.

Assuming the amount is not material enough to distort net income, Cost of Goods Sold should be increased by this amount.