Under-applied manufacturing overhead results when: actual overhead is greater than applied overhead. O production is greater than last year O actual overhead is greater than estimated overhead. estimated overhead is greater than actual overhead Sales revenue is $725,300; applied manufacturing overhead is $95.400; actual manufacturing overhead is $120,400; and cost of goods sold before adjustment is $380,200. What is the actual gross proht after adjustments at year-end? $370,100 $345,100 O $224,700 $320,100 If manufacturing overhead has been under-applied during the period, and most of the jobs produced have been sold, then Cost of Goods Sold on the income statement should be decreased, finished goods inventory should be increased, Cost of Goods Sold on the income statement should be increased work in process inventory should be decreased