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The following cost data relate to the office overhead costs of the Charles Wright Tax Preparation Company during the just-completed year:
Overhead costs incurred:
Office rent
$25,700
Office supplies
5,970
Utilities, office
14,190
Salary, office manager
55,470
Salary, receptionist
35,280
Depreciation-office equipment
11,620
Software licensing fees
23,790
Other miscellaneous expenses
30,440
Total overhead costs
$202,460
The company uses a predetermined overhead rate to apply overhead cost to each tax job. The rate for the year was $6 per tax-preparer hour. A total of 35,500 tax preparer hours was recorded for the year.
Compute the amount of under- or overapplied overhead cost for the year.
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