Lietz Corporation Has Provided the Following Data Concerning Manufacturing Overhead

Lietz Corporation has provided the following data concerning manufacturing overhead for January: The company's Cost of Goods Sold was $369,000 prior to adjusting for any underapplied or overapplied overhead. Which of the following statements is true?

A) Manufacturing overhead was underapplied by $23,000; Cost of Goods Sold after adjusting for any underapplied or overapplied overhead is $392,000
B) Manufacturing overhead was underapplied by $23,000; Cost of Goods Sold after adjusting for any underapplied or overapplied overhead is $346,000
C) Manufacturing overhead was overapplied by $23,000; Cost of Goods Sold after adjusting for any underapplied or overapplied overhead is $346,000
D) Manufacturing overhead was overapplied by $23,000; Cost of Goods Sold after adjusting for any underapplied or overapplied overhead is $392,000