2. Ryder Electric applies overhead based upon machine hours. Budgeted factory overhead was $266,700 and budgeted machine hours were 19,050 for 2013. Actual machine hours totaled 18,700. The company treats under or overapplied overhead as immaterial in amount. Actual manufacturing overhead was $265,400 for the year. Before disposition of the under- or overapplied overhead, cost of goods sold was $415,000. Other account balances are: Raw materials $40,000 Work in process 35,000 Finished goods 50,000 a. Determine the amount of any over or underapplied overhead at the end of 2013 by posting the respective amounts to the T-account in which these amounts will be accumulated. Calculate the account balance and label as over- or underapplied. b. 2013? How much cost of goods sold will be reported on Ryder's income statement for c. Explain the nature of underapplied overhead and overapplied overhead as it relates to both actual and estimated overhead