Blount Mfg. Co. applies overhead using machine hours as the cost driver. In December 2019, it estimated its overhead costs for 2020 to be $58,000 and its total machine hours to be 8,000 hours. The actual overhead costs for 2020 year were $61,500, and the actual machine hours for the year were 8,200 hours. Show calculations to determine the amount of overapplied or underapplied overhead for the year.