The management of Griswell utilizes machine hours as the base. The company expects a total manufacturing overhead of $702,000 and the total machine hours is 39,000 machine-hours in the forthcoming year. In addition, the actual level of activity for the year is 40,200 machine hours. The total manufacturing overhead is $702,000 per year. Calculate whether the overhead is overapplied or underapplied, and by how much amount? L B I EE HE