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 Depreciation, factory $ 15,700 137,000 8,700 77,000 270,900 incurred Utilities, factory Insurance, factory 10,700 Total actual manufacturing overhead costs $520,000 $ 407,000 $ 67,000 $ 20,700 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 $ 30,700 $ 40,700 $ 70,700 The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 20,400 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 Required Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost Required 1 Required 2 >