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Carlson charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The following data pertain to the current year: Budgeted manufacturing overhead: $1,600,000 Actual manufacturing overhead: $1,632,000 Budgeted labor hours: 50,000 Actual labor hours: 48,000 Which of the following choices denotes the correct status of manufacturing overhead at year-end? Overapplied by $32,000. Underapplied by $32,000. Overapplied by $68,000. Overapplied by $96,000. Underapplied by $96,000. A. B. C. D. E