The status of all job activity occurring during January for XYZ Manufacturing is shown below: X-3 X-4 X-2 X-1 Job # $15,000 $0 $26,000 $0 Beginning WIP Inventory January Direct costs incurred: $13,000 $24,000 $9,000 Direct Material $11,000 Direct Labor $ 6,000 $ 2,000 $7,000 $13,000 Job status - end of January Unfinished Finished and sold Unfinished Finished not Sold XYZ applies manufacturing overhead (M/O to jobs using an annual predetermined M/O rate of $0.50 per Direct Labor DOLLAR (NOT Hour). Actual manufacturing overhead incurred during January was $10,500. Use the above information to respond to the next six questions. What is the over or under applied M/O for January? Indicate the dollar amount and whether over or under applied. $3,500 Over $14,000 Under $14.000 Over $3.500 Under