Hults Corporation has provided data concerning the company's Manufacturing Overhead account for the month of November. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $71,800 and the total of the credits to the account was $64,300. Which of the following statements is true?

	Actual manufacturing overhead incurred during the month was $64,300.
	Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $71,800.
	Manufacturing overhead applied to Work in Process for the month was $71,800.
→	Manufacturing overhead for the month was underapplied by $7,500.

Actual manufacturing overhead	$71,800
Applied manufacturing overhead	64,300
Underapplied manufacturing overhead	$7,500