2 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 66.66 points Manufacturing overhead costs incurred: Indirect materials Indireet labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred 5 15,300 133,000 8,300 73,000 152,100 10,300 Hint Print References other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost $403,000 63,000 Inventories: Raw materials, beginning Raw materials, ending Work in process,beginning Work in process, ending s 20,300 30,300 s 40,300 s 70,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 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. Next> K Prev 2 of 3