Question: 1. ABC Co. uses a predetermined overhead rate based on direct labor hours. For the year ended Dec. 31, 2020, ABC's budgeted factory overhead was

1. ABC Co. uses a predetermined overhead rate based on direct labor hours. For the year ended Dec. 31, 2020, ABC's budgeted factory overhead was $400,000 based on a budgeted volume of 32,000 direct labor hours. Actual factory overhead amounted to $312,000, with actual direct labor hours of 28,000 hours. Compute over- or underapplied overhead $ (circle one: over under). Show your work

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