Current Attempt in Progress Vaughn Manufacturing applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead $1800000 cost Actual annual overhead $1775000 cost Estimated machine hours 400000 Actual machine hours 290000 O $1305000 applied and $470000 overapplied O $1800000 applied and $470000 overapplied O $1305000 applied and $470000 underapplied O $1775000 applied and neither under-nor overapplied