Exercise 3-7 Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4] The foilowing cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials indirect labor Property taxes, factory utilities, factory Depreciation, factory Insurance, factory Total actual manufact s 15,7e8 137,896 8, 7e0 77,808 27e,9e8 1e,700 5 520,000 uring overhead costs incurred other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost s 487,8e0 5 67,0ee Inventories: Raw materials, beginning Raw materials, ending work in process, beginning Work in process, ending s 20,706 s 3e,78 $ 40,7ee s 70,700 The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 20400 machine-hours were used during the year Required: 1. Compute the amount of underappled or overappled overhead cost for the year 2 Prepare a schedule of cost of goods manufactured for the year