Exercise 4-12 Applying Overhead. Cost of Goods Manufactured CLO4-2, L04-4, L04-6] The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs incurred: Property taxes, factory $ 3,000 Utilities, factory 4.800 Indirect labor 9,800 Depreciation, factory 23,900 Insurance, factory 5,800 Total actual manufacturing overhead costs $47.300 Other costs incurred: Purchases of raw materials $32,600 Direct labor cost $40,000 Inventories: Raw materials, beginning $ 9,000 Raw materials, ending $ 6,300 Work in process, beginning $ 5,800 Work in process, ending $ 7,800 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour, a total of 12.300 machine-hours was recorded for the year. All raw materials ultimately become direct materials-none are classified as indirect materials. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost 2. Prepare a schedule of cost of goods manufactured for the year using the indirect method. (Enter all deductions as a negative.) Black Company Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use Raw materials used in production Total manufacturing cost Cost of goods manufactured