Required information 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: 70,000 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: 437,000 Netual manufacturing Overheads Depreciation Property taxes Indirect labor Supervisory Salaries utilitles Insurance Rental of space Indirect material (see data below) Indirect materials Beginning inventory. January 1 Purchases during the year Ending inventory. December 31 $231.000 20.000 82,000 200.000 59,000 31,000 300.000 79,000 49.000 94,000 64,000 Exercise 3-34 Part 2 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.) Overapplied overhead