Chapter EXERCISE 3-12 Applying Overhead; Cost of Goods Manufactured (LO3--2. LO3-6, L03-7) The following cost data relate to the manufacturing activities of Chang Company during the $ 15,000 130,000 completed vear 8,000 70,000 240,000 10,000 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: $473,000 $400,000 $60,000 Purchases of raw materials (both direct and indirect) Direct labor cost se = Hood Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $20,000 $30,000 $40,000 $70,000 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for year was $25 per machine-hour. A total of 19,400 machine-hours was recorded for 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