EXERCISE 3-12 Applying Overhead: Cost of Goods Manufactured (L03-2, L03-6, L03-7] The following cost data relate to the manufacturing activities of Chang Company during the just completed year The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $25 per machine-hour. A total of 19,400 machine-hours was recorded for the year. Required: I. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. EXERCISE 3-13 Varying Predetermined Overhead Rates (L03-1, L03-2, L03-3) Kingsport Containers Company makes a single product that is subject to wide seasonal variations Y in demand. The company uses a job-order costing system and computes predetermined overhead rates on a quarterly basis using the number of units to be produced as the allocation base. Its estimated costs, by quarter, for the coining year are given below