The following information is available for the current year ending December 31: Manufacturing overhead applied Actual amount of manufacturing overhead costs Amount of overhead applied during the year that is in: $ 150,000 120,000 Work in Process Finished Goods Cost of Goods Sold Total overhead applied Knowledge Check 01 $ 37,500 25% 52,500 35% 60,000 40% $ 150,000 100% If the Manufacturing Overhead account is closed to Cost of Goods Sold, the related entry will. decrease the cost of goods sold by $30,000 increase the cost of goods sold by $30,000 decrease the cost of goods sold by $150,000 increase the cost of goods sold by $150,000 Knowledge Check 02 If the Manufacturing Overhead account is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold, the related entry will include a debit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $30,000 debit to Work in Process for $7,500