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 tests incurred Purchases of raw materials (both direct and indirect) Direct labor cost Inventories Raw materials, beginning itaw materials, ending Work in process, beginning Work in process, ending $ 15,000 130,000 8.000 70,000 240,000 10.900 $17.000 $400,000 $ 60,000 $ 20,000 30.000 $ 40,000 $70,000 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 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 ces Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost 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 Total manufacturing costs Cost of goods manufactured