Manufacturing overhead was estimated to be $430,000 for the year along with estimated 20,000 direct labor hours. Actual manufacturing overhead was $399,000, and actual labor hours were 19,000. Which of the following would be correct about the applied manufacturing overhead for the year?

• Overhead is overapplied by $16,000.

• Overhead is underapplied by $16,000.

• Overhead is underapplied by $9,500.

• Overhead is overapplied by $9,500.