Terrence Industries charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The Following data pertain to the current year. Budgeted manufacturing overhead Actual manufacturing overhead Budgeted labor hours Actual labor hours $2,100,000 2,111,000 70,000 72,300 Which of the following choices is the correct status of manufacturing overhead ot year-end? Multiple Choice Overappled by $11,000 Underapplied by $11.000