Almond Corp. estimates that its production for the coming year will be 12,500 widgets with the following unit costs: materials, P40; direct labor, P60. Direct labor is paid at the rate of P24 per hour. The widget shaper, the most expensive piece of machinery, must be run for 20 minutes to produce one widget. Total estimated overhead is expected to consist of P400,000 for variable overhead and P400,000 for fixed overhead. Based on information above, if predetermined overhead rate base is the total direct labor cost, actual labor cost and overhead is P800,000, by how much is overhead over or (under)applied?