EX $3-34($Algo$)$ Overapplied or Underapplied Overhead $($LO $3-4,3-5)$

$[$The following information applies to the questions displayed below.$]$

The following information pertains to Trenton Glass Works for the year just ended.

Budgeted direct$-$labor cost: $70,000$ hours $($practical capacity$)$ at $$16$ per hour

Actual direct$-$labor cost: $80,000$ hours at $$17\mathrm{.}50$ per hour

Budgeted manufacturing overhead: $$997,500$

Actual selling and administrative expenses: $$431,000$

Actual manufacturing overhead:

EX $3-34($Algo$)$ Part $2$ Calculate the overapplied or underapplied overhead for the year.

Calculate the overapplied or underapplied overhead for the year.

Note: Round your intermediate calculations to $2$ decimal places.