Capalbo Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year.At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 52,000 labor-hours.The estimated variable manufacturing overhead was $2.78 per labor-hour and the estimated total fixed manufacturing overhead was $1,192,360.The actual labor-hours for the year turned out to be 52,600 labor-hours. Actual costs for the year turned out to be $1,323,400. By how much is overhead under- or overapplied for the year?