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 thejust completed year: Manufacturing overhead costs incurred: Indirect materials 5 16,500 Indirect labor 145,000 Property taxes, factory 9,500 Utilities, factory 85,000 Depreciation, factory 231,700 Insurance, factory 11,500 Total actual manufacturing overhead costs incurred $ 499,200 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 415,000 Direct labor cost $ 75,000 Inventories: Raw materials, beginning $ 21,500 Raw materials, ending 5 31,500 Work in process, beginning $ 41,500 Work in process, ending 5 71,500 The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 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 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. 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