Waterway Industries 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 cost$3100000Actual annual overhead cost$3070000Estimated machine hours200000Actual machine hours195000

$3070000 applied and neither under- nor overapplied

$3100000 applied and $47500 overapplied

$3022500 applied and $47500 underapplied

$3022500 applied and $47500 overapplied

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