EXERCISE 3–7 Applying Overhead; Cost of Goods Manufactured LO3–3, LO3–4 The following cost data relate to the manufacturing activities of Chang Company during the just completed year:

Manufacturing overhead costs incurred:

. . . . . . . . $ 15,000

. . . . . . . . . . . . 130,000

. . . . 8,000

. . . . . . . . . . 70,000

. . . . . . 240,000

. . . . . . . . 10,000

$473,000 Other costs incurred:

$400,000

. . . . . . . . . $60,000 Inventories:

Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending . . $20,000 . . . . $30,000 . $40,000 . . . $70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 19,400 machine-hours were used during the year.
Required:
1. Compute the amount of underapplied or overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year.