The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had total production costs of $375,000. the entry to record the transfer of costs from work in process to finished goods isa. finished goods 540,000work in process 540,000b. work in process 375,000finished goods 375,000c. work in process 540,000finished goods 540,000d. finished goods 375,000work in process 375,000at the end of the year, overhead applied was $42,000,000. actual overhead was $40,300,000. closing over/underapplied overhead into cost of goods sold would cause net income to: a. increase by $1,700,000b. increase by $3,400,000c. decrease by $1,700,000d. decrease by $3,400,000