Question 15 (3 points) A company has provided the following information from the first month of operations: . Purchased raw materials, $86,000 Operating costs were incurred, $30,500 in the factory and $12,000 for office administration. Direct labour was $93,000. Indirect labour was $13,000. Advertising costs were incurred, $2,400. .Direct materials used were $41,000. Indirect materials used were $9,500. Overhead was applied to work in process, $46,000. Overhead is applied to jobs based on direct labour hours. The estimate for the year is $600,000 of manufacturing overhead and 60,000 direct labour hours. All of the jobs were completed and transferred to Finished Jobs. Required: Calculate the balance in the manufacturing overhead account, and label it as either underapplied or overapplied. (3 marks)