Waterway Company applies overhead on the basis of machine hours. Given the following data, what is the overhead applied and the under- or overapplication of overhead for the period? $2960000 applied and neither under-nor overapplied $1500000 applied and $1460000 underapplied $1500000 applied and $1460000 overapplied $3000000 applied and $1460000 overapplied