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Question 1: A company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the company worked 59,000 actual direct labor-hours and incurred $472,000 of actual manufacturing overhead cost. The company had estimated that it would work 61,200 direct labor-hours during the year and incur $410,040 of manufacturing overhead cost. The company's manufacturing overhead cost for the year was: (Round your intermediate calculations to 2 decimal places.)
Multiple Choice
Option 1: overapplied by $76,700
Option 2: underapplied by $76,700
Option 3: overapplied by $61,960
Option 4: underapplied by $61,960
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