Smallwood Corporation has provided the following data concerning manufacturing overhead for January Actual manufacturing overhead incurred $64.000 Manufacturing overhead applied to Work in Process 559.000 The company's cost of Goods Sold was $223,000 prior to closing out its Manufacturing Overhead account. The company closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true? Manufacturing overhead for the month was overapplied by 55,000: Cost of Goods Sold after adjusting for any underapplied or overapplied overhead is $220.000 Manufacturing overhead for the month was overapplied by $5.000: Cost of Goods Sold after adjusting for any underapplied or overapplied overhead is 5218.000 Manufacturing overhead for the month was underapplied by 55.000: Cost of Goods Sold after adjusting for any underapplied or overapplied overheads $218.000 Manufacturing overhead for the month was underapplied by $5.000. Cost of Goods sold afty adjustint for any underapplied or overapplled overhead is $220.000