Crane Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-or overapplication of overhead for the period: Estimated annual overhead $2000000 cost Actual annual overhead cost $1970000 Estimated machine hours 100000 Actual machine hours 95000 $1900000 applied and $70000 overapplied $1970000 applied and neither under- nor overapplied $1900000 applied and $70000 underapplied $2000000 applied and $70000 overapplied