Chang Company provided the following data for this year:

Manufacturing overhead costs incurred:Indirect materials$ 16,600Indirect labor146,000Property taxes, factory9,600Utilities, factory86,000Depreciation, factory252,700Insurance, factory11,600Total actual manufacturing overhead costs incurred$ 522,500Other costs incurred:Purchases of raw materials (both direct and indirect)$ 416,000Direct labor cost$ 76,000Inventories:Raw materials, beginning$ 21,600Raw materials, ending$ 31,600Work in process, beginning$ 41,600Work in process, ending$ 71,600

The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 21,300 machine-hours were used during the year.

Required:

1. Compute the underapplied or overapplied overhead cost.
2. Prepare a schedule of cost of goods manufactured.