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Problem 1: During 2022, Sheffield Manufacturing expected Job No. 59 to incur $400000 of overhead cost, $460000 of direct materials cost, and $250000 in direct labor cost. Sheffield applied overhead based on direct labor cost. Actual production required overhead cost of $280000, $620000 in direct materials used, and $260000 in direct labor. All of the goods were completed. What is the amount of over- or underapplied overhead?
Option 1: $136000 underapplied
Option 2: $120000 overapplied
Option 3: $136000 overapplied
Option 4: $120000 underapplied
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