Select the correct statement below regarding the manufacturing overhead account. Multiple Choice Manufacturing overhead is a clearing account which temporarily holds the actual overhead costs incurred and manufacturing overhead costs applied. Manufacturing overhead is an account that must be cleared at the end of the period because it is an income statement account that is always shown with a $0 balance on the financial statements Manufacturing overhead is an inventory account on the balance sheet because it is a part of product costs Manufacturing overhead is an expense account on the income statement that is recorded when products are sold