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 materiala Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead couts incurred Other conto incurred Purchases of raw materials both direct and indirect) Direct labor cont Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 16.800 148,000 9,800 88,000 295,300 11,800 8569,700 $410,000 $ 78,000 $ 21,800 6.31,000 $ 41,800 $ 71,800 The company uses a predetermined overhead rate of $27 per machine-hour to apply overhead cost to jobs. A total of 21,500 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. 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. overhead cost Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 21,800 Add: Purchases of raw materials 418.000 Total raw materials available 439,800 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production Manufacturing overhead applied to work in process Direct labor Beginning raw materials inventory Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured