Canopus Corp. uses a job costing system and applies overhead to products on the basis of direct labour cost. At the beginning of 2023, Canopus Corp. estimated that total overhead for 2023 would be $328,000 and budgeted direct labour would be $520,635. The following are actual costs incurred during 2023: Direct materials $196,000 Direct labour 550,000 Manufacturing overhead 359,000 There was NO work-in-process on December 31, 2023. Which one of the following describes the application of Canopus Corp.'s overhead for 2023? Spreadsheet Xlsx Available answer options Select only one option A Overhead was $31,000 underapplied. B Overhead was $12,500 underapplied. C Overhead was $12,500 overapplied. D Overhead was $31,000 overapplied