in work-In-Process Inventory Consider the following information for a company for the next three questions. Work in Process, beginning S 42 Direct labor Finished Goods, beginning 5 32 Direct materials purchased Sales $200 Total selling expenses Prepaid Expenses S 15 Applied factory overhead Actual Factory Overhead S 50 Work in Process, ending Direct materials used S28 Finished Goods, ending $40 $30 S60 $47 $48 538 Overhead is applied to production on the basis of direct labor hours. All underapplied or overapplied overhead is closed totally to Cost of Goods Sold at the end of the year 35) Compute the Cost of Goods Manufactured. A) $150 B) S124 C) $118 D) $112 S109 36) Refer back to the table. Now, assume that Cost of Goods Manufactured is $130. Compute the ADJUSTED Cost of Goods Sold. $125 $127 $129 D. $131 E. $135 . 37) Again refer to the table. Assume that Adjusted Cost of Goods Sold is $110. Compute the net income for the company. A. $27 $30 $33 D. $41 E. $15 38) A company has OVERAPPLIED overhead for the year. If all other things remain constant, which of the following will give the company the higher net income? A Closing the overapplied overhead totally to Cost of Goods Sold. B) Allocating the overapplied overhead to the appropriate accounts