Question 21 of 30 View Policies 7 -/3 E Current Attempt in Progress Swifty Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under- or overapplication of overhead for the period? Estimated annual overhead cost $3200000 Actual annual overhead cost $2960000 Estimated machine hours 300000 Actual machine hours 150000 $1600000 applied and $1360000 overapplied $1600000 applied and $1360000 underapplied $3200000 applied and $1360000 overapplied $2960000 applied and neither under-nor overapplied