The Cavy Company estimates that the factory overhead for the following year will be $1,468,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 55,000 hours. The total machine hours for the year was 54,300 . The actual factory overhead for the year was $1,575,000. a. Determine the total factory overhead amount applied. b. Calculate the over/underapplied amount for the year. \begin{tabular}{|l|l|} \hline INDUSTRY & COST SYSTEM \\ \hline Oil Refining & \\ \hline Food Processing & \\ \hline Aircraft Manufacturers & \\ \hline Custom-furniture manufacturer & \\ \hline Automobile Repair Shop & \\ \hline Paper Producers & \\ \hline Steel Manufacturers & \\ \hline Web Design & \\ \hline Movie Studio & \\ \hline Home Construction & \\ \hline \end{tabular}