EXERCISE 3-7 Applying Overhead, Cost of Goods Manufactured LO3-3, LO3-4 The following cost data relate to the manufacturing activities of Chang completed year during the jus overhead costs incurred: Indirect Indirect labor Property taxes, factory.. Uxalities, factory Depreciation, factory 30,000 8,000 70,000 . 240,000 10,000 $473,000 Total actual manufacturing overhead costs incurred . . . . . Other costs incurred: Purchases of raw materials (both direct and indirect).... . $400,000 Inventories: Raw materials, beginning.. Raw materials, ending $20,000 $30,000 The company uses a predetermined overhead rate of $25 per to jobs. A total of 19,400 machine-hours were used during the year. Required: machine-bour to apply overhead cost t of underapplied or overapplied overhead cost for the year 2. Prepare a schedule of cost of goods manufactured for the year