Crimson Tide Company uses a job-order costing system. At Crimson Tide, overhead costs are applied to jobs on the basis of machine-hours. For the current year, Crimson Tide estimated that its machines would work for a total of 44,000 machine-hours. Tide also estimated for the current year that it would incur $204,600 in manufacturing overhead cost. The following transactions occurred during the year: a. Raw materials requisitioned for use in production, $242,000 (75% direct and 25% indirect). b. The following costs were incurred for employee services: Direct labor Indirect labor Sales commissions Administrative salaries S 168,000 S 26,000 S 18,000 S 33,000 C. Total insurance costs were $18,000 Note: Of the total insurance cost, 85% relates to factory operations, and 15% relates to selling and administrative activities. d. In the factory only, heat, power, and water costs incurred in the factory totalled $53,000. e. Total depreciation recorded for the year was $68,000 Note: Of the total depreciation recorded 80% relates to factory operations, and 20% relates to selling and administrative activities. f. Advertising costs incurred was $58,000. 9. According to their job cost sheets, goods that cost $488,000 to manufacture were transferred to the finished goods warehouse h. Sales for the year totaled $716,000. The total cost to manufacture these goods according to their job cost sheets was $483,000. i. The company actually used 48,000 machine-hours during the year Required 1. Determine the underapplied or overapplied overhead for the year. (Round predetermined overhead rate to 2 decimal places.)