Required information The following information is available for the current year ending December 31: Manufacturing overhead applied Actual amount of manufacturing overhead costs Amount of overhead applied during the year that is in: Work in Process Finished Goods $ 150,000 120,000 $ 37,500 258 358 52,500 60,000 408 Cost of Goods Sold $150,000 1008 Total overhead applied Knowledge Check 01 If the Manufacturing Overhead account is closed to Cost of Goods Sold, the related entry will, decrease the cost of goods sold by $30,000 increase the cost of goods sold by $30,000 decrease the cost of goods sold by $150,000 Oincrease the cost of goods sold by $150,000 KTIOWIeage checn oz If the Manufacturing Overhead account is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold, the related entry will include a O debit to Cost of Goods Sold for $12,000 O credit to Cost of Goods Sold for $12,000 O credit to Cost of Goods Sold for $30,000 debit to Work in Process for $7,500