The following data is provided for the ABC company Budgeted overhead for the year is $300,000 Projected direct labor cost for the year - $100,000 Estimated machine hours for the year -20,000 Estimated direct labor hours for the year - 20,000 Overhead is applied to product based on direct labor costs During the month of June the company incurred 3000 labor hours, used 2500 machine hours and incurred $30,000 of labor costs and $75,000 of overhead costs. Calculate A, The overhead rate B The amount of overhead applied in June C The over or underapplied overhead for June and explain what it means