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Shed Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under- or overapplication of overhead for the period? Estimated annual overhead cost, $3,000,000; Actual annual overhead cost, \$2,970,000; Estimated machine hours, 300,000; and Actual machine hours, 295,000. A) $2,950,000 applied and $20,000 overapplied B) $2,950,000 applied and $20,000 underapplied C) $2,970,000 applied and neither under-nor overapplied D) $3,000,000 applied and $20,000 overapplied E) none of the above