The Alphonse Company allocated fixed overhead costs by machine hours and variable overhead costs by direct labor hours. At the beginning of the year, the company expects fixed overhead to be $600,000 and variable costs to be $800,000. The expected number of machine hours is 6,000 and the expected number of direct labor hours is 80,000. The actual fixed overhead costs are $700,000 and the actual variable overhead costs are $750,000. The actual machine hours during the year are $5,000 and the actual direct labor hours are 90,000. Required: How much overhead is allocated? What is the over/underabsorbed overhead? What is the effect on Cost of Goods Sold and Net Income