er 3(1) Saved 3 Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4) The following cost data relate to the manufacturing activities of Chang Company during the just completed year: bok nit int 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 $ 16,000 140,000 9,000 80,000 251, 500 11,000 $507,500 ences $410,000 $ 70,000 $ 21,000 $ 31,000 $ 41,000 $ 71,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,700 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 its Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured eBook Hint Paint ferences Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production 21,000 410,000 431,000 31,000 400,000 16,000 $ 384,000 Total manufacturing costs added to production Total manufacturing costs to account for 384,000 384,000 71,000 Cost of goods manufactured GUEU 4 nequiu Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured $ Direct materials: Beginning raw materials Inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production 21,000 410,000 431,000 31,000 400,000 16,000 $ 384,000 Beginning raw materials inventory Cost of goods manufactured Direct labor Manufacturing overhead applied to work in process Required 1 384,000 384,000 71.000 Required 2 NEUE 18 Prepare a schedule of cost of goods manufactured for the year. 10 points Chang Company Schedule of Cost of Goods Manufactured eBook Hint $ Print Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Loss Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production References 21.000 410,000 431,000 31,000 400,000 16,000 $ 384,000 Beginning raw materials inventory Cost of goods manufactured Direct labor Manufacturing overhead applied to work in process 384,000 384,000 71,000 Required 2 Soved Saved Chang Company Schedule of Cost of Goods Manufactured $ Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production 21,000 410,000 431,000 31,000 400,000 16,000 es $384.000 384,000 384,000 71,000 Beginning raw materials inventory Cost of goods manufactured Direct labor Required 2 > Manufacturing overhead applied to work in process 18 Chang Company Schedule of Cost of Goods Manufactured 10 points $ eBook Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production Hint 21,000 410,000 431,000 31,000 400,000 16,000 Print References $ 384,000 Total manufacturing costs added to production Total manufacturing costs to account for 384,000 384,000 71,000 Less: Beginning work in process inventory Less: Ending raw materials inventory Less: Ending work in process inventory Less: Manufacturing overhead cost Required a Less: Purchases of raw materials Lecce Indirect.materials included in manufacturing overhead