Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year:

Total budgeted fixed overhead cost for the year	$ 300,000
Actual fixed overhead cost for the year	$ 276,000
Budgeted direct labor-hours	60,000
Actual direct labor-hours	56,000
Standard direct labor-hours allowed for the actual output	57,300

What is the fixed overhead applied to production during the period?

Multiple Choice

$276,500

$281,500

$291,500

$286,500