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 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 16,100 141.000 9.100 81,000 149,700 11,100 $408.000 5.411,000 $ 71,000 21,100 31,100 $41,100 22,100 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs A total of 20.800 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year Chang Company Schedule of Cast of Goods Manufactured 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 2 > The company uses a predetermined overhead 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production 0 Total manufacturing costs 0 Cost of goods manufactured