Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5) [The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended. Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 436,000 Actual manufacturing overhead: Depreciation Property taxes $235,000 22,000 Indirect labor 80,000 Supervisory salaries 202,000 Utilities 57,000 Insurance 31,000 Rental of space 300,000 Indirect material (see data below) 79,000 Indirect material: Beginning inventory, January 1 48,000 Purchases during the year 95,000 Ending inventory, December 31 64,000 Exercise 3-34 Part 2 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.)