The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: 17,000 Indirect materials 150,000 Indirect labor 10,000 Property taxes, factory 90,000 Utilities, factory 147,000 Depreciation, factory 12,000 Insurance, factory 426,000 Total actual manufacturing overhead costs incurred Other costs incurred 420,000 Purchases of raw materials (both direct and indirect) 80,000 Direct labor cost Inventories: 22,000 Raw materials, beginning 32,000 Raw materials, ending 42,000 Work in process, beginning 72,000 Work in process, ending The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $20 per machine-hour. A total of 21,700 machine-hours was recorded for the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost