a) The following cost data relate to the manufacturing activities of Millennium Friends Company during the just completed year: Manufacturing overhead costs: Property taxes, factory $3,000 Utilities, factory... 5,000 Indirect labor 10.000 Depreciation, factory 24,000 Insurance, factory 6,000 Total actual manufacturing overhead costs $48.000 Other costs incurred: Purchases of raw materials $32,000 Direct labor cost $40,000 Inventories: Raw materials, beginning $8,000 Raw materials, ending... $7,000 Work in process, beginning S6,000 Work in process, ending $7,500 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour, a total of 10,000 machine-hours was recorded for the year. All raw materials ultimately become direct materials--none arc classified as indirect materials Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured, Cost of Goods Sold, and Income statement for the year