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Question 7 1. Goofy Company applies overhead on the basis of machine hours. Given the...

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Question 7 1. Goofy Company applies overhead on the basis of machine hours. Given the following data, calculate overhead applied and the under-or over-application of overhead for the period. Estimated annual overhead cost $450,000 Actual annual overhead cost $435,000 Estimated machine hours 90,000 Actual machine hours 88,000 $440,000 applied and $5,000 under-applied. $450,000 applied and $15,000 over-applied. $435,000 applied and neither under- nor over-applied. $440,000 applied and $5,000 over-applied

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