Kimble Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost $1,200,000 Actual annual overhead cost $1,155,000 Estimated machine hours 400,000 Actual machine hours 380,000 a. $1,140,000 applied and $15,000 overapplied b. $1,200,000 applied and $15,000 overapplied c. $1,140,000 applied and $15,000 underapplied d. $1,145,000 applied and neither under- nor overapplied