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Time Inc. applies manufacturing overhead to products on the basis of direct labor hours. Estimated manufacturing overhead for the period was 1,000,000 and estimated direct

Time Inc. applies manufacturing overhead to products on the basis of direct labor hours. Estimated manufacturing overhead for the period was 1,000,000 and estimated direct labour 250,000 hours. Actual manufacturing overhead was 800,000 and actual direct labor hours were 200,000 hours. The manufacturing overhead was

  1. None of these
  2. Underapplied by 200,000
  3. Overapplied by 200,000
  4. Neither underapplied nor overapplied

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