errence Industries charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The following data pertain to the current year: Budgeted manufacturing overhead $ 5,800,000 Actual manufacturing overhead $ 5,814,500 Budgeted labor hours 145,000 Actual labor hours 147,000 Which of the following choices is the correct status of manufacturing overhead at year-end? Multiple Choice Underapplied by $14,500 Overapplied by $14,500 Overapplied by $80,000 Overapplied by $65,500 Underapplied by $65,500