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Toms Tool & Die uses a predetermined factory overhead rate based on machine-hours. For August,...

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Accounting

Toms Tool & Die uses a predetermined factory overhead rate based on machine-hours. For August, Toms budgeted overhead was $714,000 based on a budgeted volume of 68,000 machine-hours. Actual overhead amounted to $773,500 with actual machine-hours totaling 69,500.

Required:

What was over- or underapplied manufacturing overhead in August? (Do not round intermediate calculations.)

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