I need help solving a problem regarding calculating the overapplied or underapplied overhead for the year. Can you show me step by step how you would get this answer?

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: 434,000

Actual manufacturing overhead:

Depreciation$234,000

Property taxes21,000

Indirect labor82,000

Supervisory salaries200,000

Utilities58,000

Insurance32,000

Rental of space302,000

Indirect material (see data below)79,000

Indirect material:

Beginning inventory, January 148,000

Purchases during the year93,000

Ending inventory, December 3162,000