EXERCISE 3-7 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: $ 15,000 130,000 8,000 70,000 240,000 10,000 $473,000 Manufacturing overhead costs incurred: Indirect materials...... Indirect labor ................. Property taxes, factory .......... Utilities, factory ................ Depreciation, factory ..... Insurance, factory .................. Total actual manufacturing overhead costs incurred H ............ 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................................. ...... $400,000 $60,000 $20,000 $30,000 $40,000 $70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 19,400 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