20. Keystone Company applies overhead on the basis of machine hours, and reported the following data. Estimated annual overhead cost $2,250,000 Actual annual overhead cost Estimated machine hours $2,227,500 300,000 Actual machine hours 295,000 Compute the amount of overhead under-applied or over-applied for the period. $22,500 under- applied $15,000 over-applied $15,000 under- applied $22,500 over-applied