EXERCISE 5-12 Applying Overhead; Cost of Goods Manufactured [L04, L05, L07] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Actual manufacturing overhead costs incurred: Indirect materials Indirect labor $ 15,000 130,000 Property taxes, factory Utilities, factory. 8,000 70,000 Depreciation, factory 240,000 Insurance, factory 10,000 Total actual manufacturing overhead costs incurred $473,000 Other costs charged to jobs: Direct materials. $375,000 Direct labor cost $60,000 $40,000 $70,000 Inventories: Work in process, beginning Work in process, ending. The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $25 per machine-hour. A total of 19,400 machine-hours was recorded for the year. Required: 1. 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