10 3 points eBook Pri References Exercise 3-7 (Algo) 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: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory. Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning $16,500 145,000 9,500 45,000 231,700 11,500 $499,200 $415,000 $75,000 $ 21,500 $31,500 $ 41,500 Work in process, ending $ 71,500 The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 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 m Jok Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 21,500 $31,500 $41,500 $71,500 The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 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. int Complete this question by entering your answers in the tabs below. ncies Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost Required 2 > 3 Complete this question by entering your answers in the tabs below. Ints etlook Hint Required 11 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Prim Direct materials: eferences Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured