Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [LOB-3, L034] The following cost data relate to the manufacturing activities of Chang Company during thejust completed year: Manufacturing overhead costs incurred: Indirect materials $ 16,400 Indirect labor 144,000 Property taxes, factory 9,400 Utilities, factory 84,000 Depreciation, factory 210,900 Insurance, factory 11,400 Total actual manufacturing overhead costs incurred $ 476,100 other costs incurred: Purchases of raw materials (both direct and indirect) $ 414,000 Direct labor cost $ 74,000 Inventories: Raw materials, beginning $ 21,400 Raw materials, ending $ 31,400 Work in process, beginning $ 41,400 Work in process, ending 5 71,400 The company uses a predetermined overhead rate of $23 per machinehour to apply overhead cost to jobs. A total of 21,100 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. 0 Answer is not complete. 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 >