e) In 2005 Alex, Inc. estimated manufacturing overhead for the year to be $896,000. The company uses direct labor hours to apply manufacturing overhead to work-in-process. The budgeted direct labor hours in 2005 were 80,000 hours and the actual hours worked were 82,000. The actual overhead incurred during 2005 was $924,000. Find out the amount of over-applied or under-applied overhead?