Applying Overhead; Cost of Goods Manufactured [LO 4-2, LO 4-4, LO 4-6] The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs: . . 3,000 5,000 10,000 24,000 6,000 $48,000 Property taxes, factory . Utilities, factory Indirect labor Insurance, factory Total actual manufacturing overhead costs.. . . . . . . . Other costs incurred: Purchases of raw materials Direct labor cost .$32,000 $40,000 $8,000 $7,000 $6,000 $7,500 Raw materials, ending Work in process, ending 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 are 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 for the year using the indirect method