Required information Exercise 3-34 Overapplied or Underapplied Overhead (LO 3-4, 3-5) [The following information applies to the questions displayed below. The following information pertains to Trenton Glass Works for the year just ended Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: 431,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) $233,000 21,000 81,000 201,000 57,000 31,000 301,000 81,000 Indirect material: Beginning inventory, January Purchases during the year Ending inventory, December 31 49,000 95,000 63,000 Exercise 3-34 Part 2 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.) Overapplied overhead