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. 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 $16,100 141,000 9,100 1,000 140,700 11,100 5 400,000 $ 411,000 $71,000 $21,100 531,100 $ 41,100 $ 71,100 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20.800 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 Prepare a schedule of cost of goods manufactured for the year. Chang Company rule of Cost of Goods Manufactured