4 Exercise 3-7 (Algo) Applying Overhead: Cost of Goods Manufactured (LO3-3, LO3-4) 8 ponts The following cost data relate to the manufacturing activities of Chang Company during the just completed year eBook 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, endint $ 16,200 142,000 9,200 82,000 169,900 11.200 439,500 Hint $ 412,000 $ 72,000 References $ 21,200 531,200 $ 41,200 $ 21,200 The company uses a predetermined overhead rate of $21 per machine hour to apply overhead cost to jobs. A total of 20,900 machine hours were used during the year Required: 1 Compute the amount of underopplied 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 Prepare a schedule of cost of goods manufactured for the vear ME GE 4 Complete this question by entering your answers in the tabs below. Required 1 Required 2 8 points eBook $ 41,200 Hint References Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Purchases of raw materials Direct materials Beginning raw materials inventory $ 21,200 Add. Purchases of raw materials 412,000 Total raw materials available 433 200 Less Ending raw materials inventory 16,200 Raw materials used in production 417,000 Less Indirect materials used in production 31,200 Direct materials used in production Direct labor Manufacturing overhead applied to work in process Cost of goods manufactured Total manufacturing costs added to production Total manufacturing costs to account for Less Beginning work in process inventory Cost of goods manufactured $385,800 72,000 438,900 896,700 1,793,400 1,834,600 71,200 $ 1,722,200