Precision Corporation used a predetermined overhead rate last year of $3 per direct labor hour, based on an estimate of 24,000 direct labor-hours to be worked during the year Actual costs and activity during the year were: The overapplied or underapplied manufacturing overhead for the year was: \$12.000 overapplied $3,000 overapplied $3,000 underapplied $12,000 underapplied