Which of the following statements is true?
A credit balance in the Manufacturing Overhead account at the end of the year means that manufacturing overhead was overapplied.
If the actual manufacturing overhead cost for a period exceeds the manufacturing overhead cost applied, then manufacturing overhead would be considered to be overapplied.
The entire difference between the actual manufacturing overhead cost for a period and the applied manufacturing overhead cost is typically closed to the Work In Process account.
Only statement I is true.
Only statement II is true.
Only statement III is true.
None of the statements are true.
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