8 ok C nces Exercise 3-7 (Algo) Applying Overhead; Cost of Goods anufactured [LO3-3, LO3-4] 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 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 $ 15,500 135,000 8,500 75,000 230,700 10,500 $475,200 $405,000 $ 65,000 $ 20,500 $ 30,500 $ 40,500 $ 70,500 The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 20,200 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.