assignment 1

The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16,700 Indirect labor 147,000 Property taxes, factory 9,700 Utilities, factory 87,000 Depreciation, factory 273,900 Insurance, factory 11, 700 Total actual manufacturing overhead costs incurred $546,000 Other costs incurred: Purchases of raw materials (both direct and indirect) $417,000 Direct labor cost $ 77,000 Inventories: Raw materials, beginning 21, 700 Raw materials, ending $ 31, 700 Work in process, beginning $ 41, 700 Work in process, ending $ 71, 700 The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 21,400 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. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost