The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Work in process inventory Raw materials inventory Finished goods inventory S0 $29,000 $40,200 Additional data 1. Actual manufacturing overhead for January amounted to S65,200 2. Total direct labor cost for January was $63,700. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (1,400 direct labor hours) and total direct material charges were $14,600. 5. Cost of direct materials placed in production during January totaled $124,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $36,000 7, Finished aoods inventorv balance on Januarv 31 was $34.600 Has manufacturing overhead been overallocated or underallocated and by what amount as of January 31? ( A. $14,920 overallocated OB. $23,980 overallocated O C. $23,980 underallocated OD. $14,920 underallocated The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Work in process inventory Raw materials inventory Finished goods inventory S0 $29,000 $40,200 Additional data 1. Actual manufacturing overhead for January amounted to S65,200 2. Total direct labor cost for January was $63,700. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (1,400 direct labor hours) and total direct material charges were $14,600. 5. Cost of direct materials placed in production during January totaled $124,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $36,000 7, Finished aoods inventorv balance on Januarv 31 was $34.600 Has manufacturing overhead been overallocated or underallocated and by what amount as of January 31? ( A. $14,920 overallocated OB. $23,980 overallocated O C. $23,980 underallocated OD. $14,920 underallocated