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Morris Company applies overhead based on direct labor costs. For the current year, Morris Company...

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Accounting

Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $424,000, and direct labor costs to be $2,120,000. Actual overhead costs for the year totaled $398,000, and actual direct labor costs totaled $1,860,000. At year-end, Factory Overhead is:

Multiple Choice

Neither overapplied nor underapplied.

Underapplied by $26,000.

Overapplied by $26,000.

Overapplied by $199,000.

Overapplied by $52,000.

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