Question 15 (3 points) Saved A company has provided the following information from the first month of operations: . Purchased raw materials, $93,000 . Direct labour was $85,000. Indirect labour was $12,500. . Operating costs were incurred, $29,000 in the factory and $14,000 for office administration. . Direct materials used were $37,000. Indirect materials used were $8,500. . Advertising costs were incurred, $1,900. . Overhead was applied to work in process, $56,000. . 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 Completed Jobs. Required: Calculate the balance in the manufacturing overhead account, and label it as either underapplied or overapplied