2.00 points Exercise 3-12 Applying overhead: Cost of Goods Manufactured [Lo3-2, LO3-6, Lo The following cost data relate to the manufacturing activities of Chang Company during the just completed year Manufacturing overhead costs incurred: 17,000 Indirect materials Indirect labor 150,000 Property taxes, factory 10,000 Utilities, factory 147,000 Depreciation, factory Insurance, factory 12,000 Total actual manufacturing overhead costs incurred $426,000 Other costs incurred Purchases of raw materials (both direct and indirect) 420,000 80,000 Direct labor cost Inventories: Raw materials, beginning 22,000 Raw materials, ending 32,000 Work in process, beginning 42,000 s 72,000 Work in process, ending The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $20 per machine- hour. A total of 21,700 machine-hours was recorded for the year. Required: Compute the amount of underapplied or overapplied overhead cost for the year