Question: 1985 Michael allocates (applies) overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost Actual manufacturing overhead

1985 Michael allocates (applies) overhead based on machine hours. Selected data for

1985 Michael allocates (applies) overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost Actual manufacturing overhead cost Estimated machine hours Achaal machine hours $400,000 $360,000 20,000 18.500 The estimates were made as of the beginning of the year, while the actual results were for the entire year. What was the amount of under or over applied overhead? O More information is needed in order to answer the question O $40,000 underallocated (underapplied) None of the answers provided are correct O $12.000 underallocated (underapplied). $40,000 overallocated (overapplied) O $10,000 underallocated (underapplied)

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