In managing the operations of Ivanhoe Foods, Helen was trying to determine the total cost of producing its world-famous chicken noodle soup. She understood MOH costs were a large portion of the company's costs, as they were budgeted at $575,000 this year. At year-end, Ivanhoe Foods' applied MOH (under normal costing) totaled $505,000, despite incurring $552,500 in actual MOH cost this year. Had Ivanhoe Foods under- or overapplied its MOH cost this year? By how much?