Required information [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: 70,000 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: 437,000 Actual manufacturing overhead: Depreciation Property taxes $234,000 21,000 Indirect labor 81,000 Supervisory salaries 200,000 Utilities 59,000 Insurance 32,000 Rental of space 302,000 Indirect material (see data below) 81,000 Indirect material: Beginning inventory, January 1 49,000 Purchases during the year 94,000 Ending inventory, December 31 62,000 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.) Underapplied overhead