Spencer Company, a highly automated manufacturer, compiled t…

Spencer Company, a highly automated manufacturer, compiled the following data for the current period: Budgeted Manufacturing Overhead $615000 Budgeted Direct Labor Hours 300000 hours Budgeted Direct Labor Cost $313000 Budgeted Machine Hours 100000 machine hours Actual Manufacturing Overhead incurred $687000 Actual Direct Labor Hours used 123000 hours Actual Machine Hours used 96000 hours Assuming that Spencer Company uses machine hours as a cost driver, determine the amount of overapplied or underapplied overhead for the current period.