Exercises $($i$)$

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Required information

$[$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: $75,000$ hours $($practical capacity$)$ at $$16$ per hour Actual direct$-$labor cost: $80,000$ hours at $$17\mathrm{.}50$ per hour

Budgeted manufacturing overhead: $$997,500$

Actual selling and administrative expenses: $$434,000$

$\backslash$table$[[,],[$Actual manufacturing overhead:,$],[$Depreciation$,232,000],[$Property taxes,$21,000],[$Indirect labor,$83,000],[$Supervisory salaries,$201,000],[$Utilities$,58,000],[$Insurance$,32,000],[$Rental of space,$302,000],[$Indirect material $($see data below$),81,000],[$Indirect material:,$48,000],[$Beginning inventory, January $1,95,000],[$Purchases during the year,$62,000]]$

Calculate the overapplied or underapplied overhead for the year. Note: Round your intermediate calculations to $2$ decimal places.

Underapplied overhead