Morrison and Company uses a predetermined overhead rate. Overhead for the next twelve months is estimated to be $400,000. The company applies overhead as a percentage of direct labor cost, which is estimated to be $500,000 for the next year. During the year, actual direct labor cost amounted to $520,000 and the actual overhead was as outlined below: Factory rent $80,000 Indirect materials $40,000 Indirect labor $100,000 Maintenance $80,000 Depreciation $100,000 Payroll taxes $80,000 Others $80,000 Total $560,000 On the basis of the data, complete the following: • Calculate the overapplied or underapplied overhead for the year.