Sheffield Corp. applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead $3000000 cost Actual annual overhead cost $2970000 Estimated machine hours 200000 Actual machine hours 195000 O $3000000 applied and $45000 overapplied O $2970000 applied and neither under-nor overapplied O $2925000 applied and $45000 underapplied O $2925000 applied and $45000 over applied