Tiffany charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The following data pertain to the current year: Budgeted manufacturing overhead: $ 3,900,000

Actual manufacturing overhead: $ 3,917,000

Budgeted labor hours: 130,000

Actual labor hours: 132,300

Which of the following choices is the correct status of manufacturing overhead at year-end? Overapplied by $17,000. Underapplied by $17,000. Overapplied by $52,000. Underapplied by $52,000. Overapplied by $69,000.