Hamilton Company uses a normal job-cost system. Manufacturing overhead is allocated using a budgeted rate of 150% of direct labor cost. Any over- or under-allocated manufacturing overhead is closed to the Cost of Goods Sold account at the end of each year. Additional information is available as follows: Job 101 was the only job in process on January 1, 2020. The job cost sheet for this job contained the following costs at the beginning of the month: o Direct materials $4,000 o Direct labor $2,000 o Allocated manufacturing overhead $3,000 Jobs 102, 103, and 104 were started during 2020. Direct materials used in 2020 totaled $26,000. Direct labor cost of $20,000 was incurred in 2020, Actual manufacturing overhead was $32,000 in 2020, The only job still in process on December 31, 2020 was Job 104, with costs of $2,800 for direct materials and $1,800 for direct labor. For 2020, the manufacturing overhead was: . O $700 over-allocated O $2,000 under-allocated $2.700 under-allocated O $2,000 over-allocated O $1,000 over-allocated