Which of the following is correct with respect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work- Pin-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold a. Cost of Goods Sold will be higher if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold b. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts .c. None of given ANSWER is correct d. Operating income will be higher if all of the underapplied overhead is .closed out to Cost of Goods Sold e. The balance in the Work-in-Process account after allocation will be the same under either method If a company applies overhead to production with a predetermined overhead rate, a zero balance in the Factory Overhead account at the end of the period means that a. Actual overhead incurred was less than the overhead amount applied to production b. The overhead was underapplied for the periodo c. The bookkeeper has made an error because the debits don't equal the e credits d. The balance will be carried forward to the next period as an overhead cost e. Actual overhead was equal to the overhead amount applied to production