Exercise 3-34 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 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17,50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 434,000 xercise 3-34 Part 2 Calculate the overapplied or underapplied overhead for the year. (Round your intermpdiate calculations to 2 decimal places.)