Li Pong company uses a standard costing system. Last year they incurred $100,000 of Variable Overhead and $305,000 of Fixed Overhead and had the following variances before closing entries.
FOH Budget Variance - $9,000 F
FOH Volume Variance - $9,000 Underapplied
VOH Spending Variance - $1,000 F
VOH Efficiency Variance - $7,000 U
How much overhead was applied to inventory over the course of the year?