Richey Company uses an actual cost accounting system that applies overhead on the basis of direct labor hours. At the beginning of the year, management estimated that during the year, the company actually worked 24,000 direct labor hours and incurred the following actual manufacturing costs: Direct materials used in production Direct labor Indirect labor Indirect materials Insurance Utilities $1,240,000 1,800,000 250,000 220,000 150,000 190,000 180,000 320,000 Repairs and Maintenance Depreciation Determine the amount of underapplied or overapplied overhead for the year