Wert Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. Last year, the company's estimated manufacturing overhead was $1, 560,000 and its estimated level of activity was 50,000 direct labor-hours. The company's direct labor wage rate is $12 per hour. Actual manufacturing overhead amounted to $1, 800,000, with actual direct labor cost of $740,000. For the year, manufacturing overhead was: overapplied by $124,000 overapplied by $48,000 underapplied by $48,000 underapplied by $124,000