1. (6 points) The following cost data relate to the manufacturing activities of Newberry Company during the just completed year:The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The predetermined overhead rate for the year was $15 per machine-hour. A total of 23,000 machine-hours were recorded for the year.Required:a. Compute the amount of under-applied or over- applied manufacturing overhead cost for the year. b. Prepare a Schedule of Cost of Goods Manufactured for the year. (Show ALL supporting work and computations for the above.)