A companys Factory Overhead T-account shows total debits of $624,000 and total credits of $646,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below.

A company's Factory Overhead T-account shows total debits of $624,000 and total credits of $646,000 at the end of the year. Determine whether there is over- or underapplied overhead using the T-account below. Actual overhead Factory Overhead 624,000 646,000 Applied overhead 22,000 Overapplied overhead 44,000