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: $ 16,600 146,000 9,600 86,000 252,700 11,600 $ 522,500 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 $ 416,000 $ 76,000 $ 21,600 $ 31,600 $ 41,600 $ 71,600 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 21,300 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. Overapplied overhead cost $ 10,000 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: $ 16,600 146,000 9,600 86,000 252,700 11,600 $ 522,500 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 Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 416,000 $ 76,000 cost $ 21,600 $ 31,600 $ 41,600 $ 71,600 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 21,300 ma 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. $ 21,600 Chang Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Raw materials used in production Direct materials used in production $ 0 0 Total manufacturing costs added to production Total manufacturing costs to account for 21,600 Cost of goods manufactured