The following information was available for Job 777 at Safaricom Inc.: DM Cost $20,000 DL Cost $15,000 Actual OH $32,000 OH application rate is $40 per DL hour Labour rate $ 20 per hour Over or under applied overhead is closed to COGS at the end of the period. Selling price is set at 150% of C.O.G.M. Which of the following statements is true? Gross Profit in the income statement is $30,500 CO.G.M. is $67,000 C.O.G.S. in the income statement is $65,000 Sales in the income statement are $100,500