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. Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred 15,400 134,800 8,409 74,800 191,280 10.400 433,460 Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost 404,00e $ 64,00e Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending s 20,400 $ 30,400 $ 40,40e s 70,480 uses a predetermined overhead rate of $22 per machine-hour to apply overhead cost to jobs. A total of 20,100 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