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 Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of rau materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process Work in process, ending s 15,009 138,009 8,000 70,000 , factory 246,08 18,000 473,888 5 400,0e0 5 60,080 20,000 $ 30,0e3 5 40,800 $ 78,080 , beginning 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