Venus Company applies overhead based on direct labor hours. The variable overhead standard is 6 hours at $11.50 per hour. During October, Venus Company spent $312,700 for variable overhead. 47,600 labor hours were used to produce 4,720 units. What is the over- or underapplied variable overhead? Multiple Choice $1,960 overapplied O $12,980 overapplied $11,020 overapplied $11,020 underapplied