The following data is provided for the ABC company Budgeted overhead for the year is $300,000 Projected direct labor cost for the year - $200,000 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 $40,000 of labor costs and $75,000 of overhead costs. Calculate A, 4% The overhead rate B 4% The amount of overhead applied in June C 4% The over or underapplied overhead for June and explain what it means