Manufacturing overhead applied $ 150,000 Actual amount of manufacturing overhead costs 120,000 Amount of overhead applied during the year that is in: Work in Process $ 37,500 25 % Finished Goods 52,500 35 % Cost of Goods Sold 60,000 40 % Total overhead applied $ 150,000 100 % Knowledge Check 01 If the Manufacturing Overhead account is closed to Cost of Goods Sold, the related entry will . multiple choice 1 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 increase the cost of goods sold by $150,000 Knowledge Check 02 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 . multiple choice 2 debit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $30,000 debit to Work in Process for $7,500