A company allocates overhead on the basis of direct labour hours. Calculate their under or over-allocated overhead for the year based on the following information: Budgeted machine hours 24500 Budgeted direct labour hours 12250 Budgeted overhead cost for the year $980000 Actual machine hour 23000 Actual direct labour hours 12000 Actual overhead cost for the year $945000

Answer is $15000 over-allocated show me the work process, and explain the difference between

over-allocated and under-allocated