EXERCISE 5-12 Applying Overhead; Cost of Goods M The following cost data relate to the manufacturing activitics of Chang Company during the just completed [L04, LOS, LO7 Actual manufacturing overhead costs incurred Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory... Total actual manufacturing overhead costs incurred $ 15,000 130,000 8,000 70,000 240,000 10,000 $473,000 Other costs charged to jobs: Direct materials Direct labor cost... $375,000 $60,000 Inventories Work in process, beginning Work in process, ending $40,000 $70,000 The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was S25 per machine-hour. A total of 19,400 machine-hours was recorded for the year I.. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Determine the cost of goods manufactured for the year using the indirect method