Logan Products computes its predetermined overhead rate annually on the basis of machine-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $356,500 and machines would be run a total of 24,000 hours. Its actual total manufacturing overhead for the year was $344,400 and its actual total machine-hours was 23,500 hours.

Required:

Compute the company's predetermined overhead rate for the year, calculate the total overhead applied, and determine the amount of under- or overapplied overhead in the year.