145,000 Q5: 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 Other costs incurred: $ 19,000 Purchases of raw materials (both $350,000 direct and indirect) Direct labor cost $51,000 Property taxes, factory 7,500 Inventories: ? Utilities, factory 62,000 Raw materials, beginning $8,000 Depreciation, factory Insurance, factory 218,000 9,500 Raw materials, ending $ 17,000 Work in process, beginning Total actual manufacturing $ 461,000 Work in process, ending $ 22,000 $37,000 overhead costs incurred The company uses a predetermined overhead rate of $48 per machine-hour to apply overhead cost to jobs. A total of 9,700 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.