Question: Tom's Tool & Die uses a predetermined factory overhead rate based on machine-hours. For August, Tom's budgeted overhead was $714,000 based on a budgeted volume

Tom's Tool & Die uses a predetermined factory overhead rate based on machine-hours. For August, Tom's budgeted overhead was $714,000 based on a budgeted volume of 68,000 machine hours. Actual overhead amounted to $773,500 with actual machine-hours totaling 69,500.
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What was over- or under applied manufacturing overhead in August?

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