Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4] The following cost data relate to the manufacturing octivities of Chang Company during the just completed year: The company uses a predetermined overhead rate of $27 per machine-hour to apply overhead cost to jobs. A total of 21,500 machinehours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the yeat: 2. Prepare a schedule of cost of goods manufactured for the year. Prepare a schedule of cost of goods manufactured for the year