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Jones Company applies overhead based on direct labor hours. At the beginning of the year, Jones estimates Overhead to be $480,000, Machine Hours to be 120,000, and Direct Labor to be 80,000. During January, Jones has 6,700 direct labor hours and 11,000 machine hours.Refer to Figure 5-1. If the actual overhead for January is $41,000, what is the overhead variance and is it overapplied or underapplied?

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