Golden Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,700 hours. At the end of the year, actual direct labor-hours for the year were 20,500 hours, the actual manufacturing overhead for the year was $511,440, and manufacturing overhead for the year was underapplied by $23,540. The estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been:

$536,065.

$487,900.

$506,420.

$516,460.