3. Seeb Boats uses direct labor hours to calculate the predetermined overhead rate for the year. The company provided the following data for the year: Manufacturing overhead Actual $480,000 Direct labor hours 51,000 Machine hours 100,000 Estimated $520,000 52,000 108,000 Calculate the amount of overapplied or underapplied overhead for the year and indicate whether it is overapplied or underapplied.