Ravsten Company uses a job-order costing system The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 33,000 machine-hours and incur $169,950 in manufacturing overhead cost. The following transactions occurred during the year: a. Raw materials requisitioned for use in production, $307,000 (75% direct and 25% indirect) b. The following costs were incurred for employee services Direct labor Indirect labor Sales commissions Administrative salaries $ 178,000 $ 36,000 $ 28,000 $ 43,000 c. Heat, power, and water costs incurred in the factory, $66,000 d. Insurance costs, $28,000 (85% relates to factory operations, and 15% relates to selling and administrative activities) e. Advertising costs incurred, $68,000 Depreciation recorded for the year, $78,000 (80% relates to factory operations, and 20% relates to selling and administrative activities). g. The company h. Goods that cost $498,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse i. Sales for the year totaled $736,000. The total cost to manufacture these goods according to their job cost sheets was $493,000 used 58,000 machine-hours during the year. Required 1. Determine the underapplied or overapplied overhead for the year. (Round predetermined overhead rate to 2 decimal places.)