18 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. Skipped $ 16,900 149,000 9.900 89,000 316.900 11,900 $593,600 Book Hint 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 Work in process, ending Print References $ 419,000 $ 79,000 $ 21,900 $ 31,900 41,900 $ 71,900 The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21.600 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost Required 2 Chang Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Direct materials used in production $ 0 Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured