Question: 2. A company uses a Standard Costing System and allocates overhead using direct labor hours. At the beginning of the year, the company estimated that

2. A company uses a Standard Costing System and allocates overhead using direct labor hours. At the beginning of the year, the company estimated that there would be P960,000 in overhead and 40,000 direct labor hours worked. At the end of the year, the company had worked 39,000 hours and incurred P949,000 in overhead. What is the under-applied or overapplied overhead for the year

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