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If the predetermined overhead rate is $14 per direct labor hour, and actual direct labor hours worked amount to 18,500 hours, calculate the overapplied or

If the predetermined overhead rate is $14 per direct labor hour, and actual direct labor hours worked amount to 18,500 hours, calculate the overapplied or underapplied overhead. Explain the concept of overapplied or underapplied overhead and its implications for financial reporting and cost management. Provide a step-by-step calculation process.

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