The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory $ 16,000 140,000 9,000 80,000 251,500 11,000 Total actual manufacturing overhead costs incurred 507,500 Other costs incurred Purchases of raw materials (both direct and indirect) Direct labor cost $410,000 $ 70,000 Inventories Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 21,000 $ 31,000 $ 41,000 $ 71,000 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $25 per machine-hour. A total of 20,700 machine-hours was recorded for the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost