The following annual amounts pertain to the Wolf Company: Estimated Overhead Costs $ 101,988 Estimated Direct Labor hours 67,992 If actual overhead costs for the year amounted to $106,000 and actual direct labor worked amounted to 70,000 hours, then overhead would be Multiple Choice

overapplied by $1,000.
underapplied by $1,000.
overapplied by $1,012.
underapplied by $1,0