During November, Ironwood Manufacturing used 10,375 direct labor hours and paid direct labor wages of $166,000. The company incurred manufacturing overhead of $368,540 during this same time period. For the entire year, Ironwood estimated total manufacturing overhead would be $4,410,000, direct labor hours would be 126,000 , and total direct labor wages would be $1,992,000. Company managers determined that manufacturing overhead would be applied based on direct labor hours. For the month of November, manufacturing overhead was $5,415 underapplied. $1,040 overapplied. $5,415 overapplied. | \$1,040 underapplied