Mirada Manufacturing produces pumps for residential swimming pools. For the year, management estimated that total manufacturing overhead would be $1,488,000. Management decided to use direct labor hours to apply manufacturing overhead and budgeted 62,000 direct labor hours. The following information was compiled before an adjustment had been made to close Manufacturing Overhead Control: Raw Materials Inventory $304,291 $337,997 Work in Process Inventory Finished Goods Inventory $756,362 68,970 Actual direct labor hours used $1,434,576 Actual overhead incurred For the year, manufacturing overhead was $144,976 overapplied $220,704 overapplied $144,976 underapplied $220,704 underapplied