Ivanhoe Company uses a standard cost system. Indirect costs were budgeted at $197,600 plus $14 per direct labour hour. The overhead rate is based on 10,400 hours. Actual results were: Standard direct labour hours allowed 9,080 Actual direct labour hours 10,400 Fixed overhead $188,900 Variable overhead $183,400 Calculate the over- or underapplied overhead. Overhead $