Keystone Company applies overhead on the basis of machine hours. Given the following data, compute the amount of overhead under - or over applied for the period.
Estimated annual overhead cost $2,250,000
Actual annual overhead cost $2,227,500
Estimated machine hours 300,000
Actual machine hours 295,000
A) $1,120,000 applied and $25,000 overapplied
B) $1,200,000 applied and $25,000 overapplied
C) $1,120,000 applied and $25,000 underapplied
D) $1,145,000 applied and neither under - nor overapplied
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