Swifty Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under-or overapplication of overhead for the period? Estimated annual overhead cost $1780000 Actual annual overhead cost $1585000 Estimated machine hours 400000 Actual machine hours 300000 O $1335000 applied and $250000 underapplied O $1335000 applied and $250000 overapplied $1780000 applied and $250000 overapplied O $1585000 applied and neither under-nor overapplied