The following information is available for the current year ending December 31 : Knowledge Check 01 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