Multiple Choice Question 125 Coronado Industries 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 Actual annual overhead cost Estimated machine hours Actual machine hours $1500000 $1475000 400000 290000 $1500000 applied and $387500 overapplied $1087500 applied and $387500 underapplied $1475000 applied and neither under-nor overapplied $1087500 applied and $387500 overapplied