The records of Phoenix Corporation revealed the following data for the current year.

Work in Process	$ 73,150
Finished Goods	115,000
Cost of Goods Sold	133,650
Direct Labor	111,600
Direct Material	84,200

1. Refer to Phoenix Corporation. Assume, for this question only, actual overhead is $98,700 and applied overhead is $93,250. Manufacturing overhead is:
   1. overapplied by $12,900.
   2. underapplied by $18,350.
   3. overapplied by $5,450
   4. underapplied by $5,450

2. Refer to Phoenix Corporation. Assume that Phoenix has underapplied overhead of $10,000 and that this amount is immaterial. What is the balance in Cost of Goods Sold after the underapplied overhead is closed?
   1. 133,650
   2. 123,650
   3. 143,650
   4. 137803
3. Refer to Phoenix Corporation. Assume that Phoenix has overapplied overhead of $25,000 and that this amount is material. What is the balance in Cost of Goods Sold after the overapplied overhead is closed?
   1. 123267
   2. 144033
   3. 158650
   4. 108650