Multiple Choice Question 125 Oriole Company 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 $1600000 Actual annual overhead cost Estimated machine hours Actual machine hours 1575000 500000 390000 O $1600000 applied and $327000 overapplied O $1248000 applied and $327000 underapplied O $1575000 applied and neither under-nor overapplied $1248000 applied and $327000 overapplied