Exercise 3-12 Applying Overhead; Cost of Goods Manufactured [LO3-2, LO3-6, LO3-7] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory $ 16,700 147,000 9,700 87,000 273,900 11,700 Total actual manufacturing overhead costs incurred S 546,000 Other costs incurred Purchases of raw materials (both direct and indirect) Direct labor cost $ 417,000 $ 77,000 Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 21,700 $ 31,700 $ 41,700 $ 71,700 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $26 per machine-hour. A total of 21,400 machine-hours was recorded for the year. Required 1. Compute the amount of underapplied or overapplied overhead cost for the year. Overapplied verhead cost