Finney \& Associates is an interior decorating firm in Tucson. The following costs were incurred in a project to redecorate the mayor's offices: - Direct material: $29,000 - Direct professional labor: $42,000 The firm's budget for the year included the following estimates: - Budgeted overhead: $800,000 - Budgeted direct professional labor: $640,000 Overhead is applied to contracts by using a predetermined overhead rate that is bas Question What is the under- or overapplied overhead for the year? $25,750 underapplied $25,750 overapplied $24,600 underapplied $24,600 overapplied $18,750 underapplied