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 $ 17,000 150,000 10,000 90,000 147,000 12,000 Total actual manufacturing overhead costs incurred $426,000 Other costs incurred Purchases of raw materials (both direct and indirect) Direct labor cost $ 420,000 $ 80,000 Inventories Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $22,000 $ 32,000 $ 42,000 $72,000 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