Question 9 1 pts Overhead is applied based on direct material $'s. Consider the following information: Estimated overhead - $300,000, estimated direct material - $120,000, purchases - $150,000, direct labor $60,000, and actual overhead = $350,000. Inventory levels were: Raw Material 10,000 30,000 Work-in- Process (WIP) 40,000 110,000 Beginning stuff Ending stuff Required: Compute over-applied or under-applied overhead $25,000 under-applied $40,000 over-applied $90,000 under-applied $105,000 over-applied None of the other answers are correct