Chapter 03 Homework i Saved Help Save & Exit Submit Check my work 1 The following cost data relate to the manufacturing activities of Chang Company during the just completed year: 6 points $ 16,500 145,000 9,500 85,000 231,700 11,500 $ 499, 200 eBook Hint 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 Print $ 415,000 $ 75,000 References $ 21,500 $ 31,500 $ 41,500 $ 71,500 The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 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. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. 6 points Chang Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: $ 21,500 eBook Hint Print References Total raw materials available Raw materials used in production $ 0 Direct materials used in production Manufacturing overhead applied to work in process Manufacturing overhead applied to work in process Direct labor Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 0 21,500