Randall Company manufactures products to customer specifications and uses a job costing system. Randall applies manufacturing overhead costs at a rate of 125% of direct labor costs. Here are data regarding 20Y5: Jan 1 Dec 31 Raw materials inventory $83,000 $46,000 Work in process inventory $72,000 $48,000 Finished goods inventory $121,000 $106,000 During 2015, purchases of raw materials were $330,000, actual manufacturing overhead costs were $266,000, and the cost of goods manufactured was $841,000. All raw materials are direct materials. What is the amount of underapplied or overapplied overhead? O $24,000 overapplied O $40,000 overapplied O$16,000 underapplied O $66,000 underapplied None of the above