Which of the following accounts may be called an expired cost? O Cost of Goods Sold Finished Goods O Work-In-Process Raw Materials Precision Manufacturing Co., Ltd. uses a normal job-order costing to apply overhead to jobs. While Precision's production process requires both machines and labor, it is largely labor-intensive. Accordingly, overhead is applied on the basis of direct labor hours. The estimated overhead for the year was $1,256,000, and the estimated level of activity was 15,700 hours in terms of machine operation and 78,500 hours in terms of direct labor time. During the year, Precision used 16,000 machine hours and 78,000 direct labor hours. The actual overhead costs incurred was $1,260,000. Which of the following would be the overhead variance reported for the year? O $20,000 under-applied $4.000 under-applied O $20,000 over-applied $12.000 under-applied