The ABC Company estimates that total overhead costs for the current year will be $ 15,000,000. Estimated total machine hours will be 300,000. Actual overhead costs for the year is $ 16,000,000. Actual machine hours for the year are 330,000. If the ABC Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point ( year to date ) the overhead is over/under applied by: a. 1,000,000 overapplied b. 1,000,000 underapplied c. 500,000 overapplied d. 500,000 underapplied