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Tom's Tool & Die uses a predetermined factory overhead rate based on machine-hours. For August, Tom's budgeted was $190,000 based on a budgeted volume of
Tom's Tool & Die uses a predetermined factory overhead rate based on machine-hours. For August, Tom's budgeted was $190,000 based on a budgeted volume of 38,000 machine-hours. Actual overhead amounted to $192, 500 with actual machine-hours totaling 38,000. What was over- or underapplied manufacturing overhead in August? (Do not round intermediate calculations.)
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