Vaden Incorporated makes a single product-a critical part used in commercial airline seats. The company has a standard cost system in which it applies overhead to this product based on the standard labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: 
The total manufacturing overhead is underapplied or overapplied by how much?
Definitions:
Forecasting Models
Quantitative and qualitative techniques used to predict future events or data points based on historical trends and patterns.
Mean Absolute Deviation
A measure of dispersion in a dataset, calculated as the average distance between each data point and the mean of the data.
Sum of Squares
A measure of the total variability within a data set, calculated by summing the squares of differences from the mean.
Daily Indexes
These are metrics or values that are recalculated every day to reflect the current state or performance of a particular dataset or market.
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