Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $480,000, and direct labor costs to be $2,400,000. Actual overhead costs for the year totaled $440,000, and actual direct labor costs totaled $2,000,000. At year-end, the balance in the Factory Overhead account is a Multiple Choice $440,000 Debit balance $400.000 Debit balance $40,000 Debit balance $480,000 Credit balance $40.000 Credit balance