Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4]

Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [L03-3, L03-4] The following cost data relate to the manufacturing activities of Chang Company during thejust completed year: Manufacturing overhead costs incurred: Indirect materials $ 15,900 Indirect labor 139,000 Property taxes, factory 8,900 Utilities, factory 79,000 Depreciation, factory 150,300 Insurance, factory 10,900 Total actual manufacturing overhead costs incurred $ 404,000 other costs incurred: Purchases of raw materials (both direct and indirect) S 409,000 Direct labor cost $ 69,000 Inventories: Raw materials, beginning $ 20,900 Raw materials, ending $ 30,900 Work in process, beginning $ 40,900 Work in process, ending $ 70,900 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,600 machine-hours were used during the year. The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,600 machinehours 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 Compute the amount of underapplied or overapplied overhead cost for the year. Required 2 > Prepare a schedule of cost of goods manufactured for the year. Direct materials: Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured _-_