ABC 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 24,500 Budgeted direct labour 12,250 hours Budgeted overhead cost $980,000 for the year Actual machine hours 23,000 Actual direct labour hours 12,000 Actual overhead cost for $945,000 the year