The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Work in process inventory SO Raw materials inventory $28,800 Finished goods inventory $40.400 Additional data: 1. Actual manufacturing overhead for January amounted to $65,500. 2. Total direct labor cost for January was $64,000. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $255,000 of direct labor cost and $382,500 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $6100 (1700 direct labor hours) and total direct material charges were $15,000. 5. Cost of direct materials placed in production during January totaled $123,900. There were no indirect material requisitions during January 6. January 31 balance in raw materials inventory was $35,400. 7. Finished goods inventory balance on January 31 was $35,000. Has manufacturing overhead been overallocated or underallocated and by what amount as of January 31? O $30.500 overallocated $30,500 underallocated $15,100 overallocated O $15,100 underallocated