Analyze T-accounts given below: Raw material inventory Balance $15 Purchased Balance $245 Used $30 $540 Work-in-progress inventory Balance $30 Cost of goods Direct material $245 manufactured Direct labor $3101 Manufacturing overhead S130 Balance $40 Amount of indirect material used is: a $230 b. $110 c. $120 d. $340 w Company uses direct-labor hours as the basis for application of overheads. The company has furnished the following information: Estimated annual overhead cost $900,000 Actual annual overhead cost $580,000 Estimated direct labor-hours 50000 Actual direct labor-hours 40,000 Calculate overapplied or underapplied overheads. a. $440,000 Underapplied b. $260,000 Overapplied c. $260,000 Underapplied d. $440,000 Overapplied