Lucky Cement is one of the largest producers and leading exporters of quality cement in Pakistan and is listed on the Pakistan Stock Exchange (PSX). Consider the following account balances for the Lucky cement limited. Manufacturing overhead costs: Property taxes, factory $3,000 Utilities, factory 5,000 Indirect labor 10,000 Depreciation, factory 24,000 Insurance, factory 6,000 Total actual manufacturing overhead costs $48,000 Other costs incurred: Purchases of raw materials $32,000 Direct labor cost. $40,000 Inventories: Raw materials, beginning $8,000 Raw materials, ending $7,000 Work in process, beginning $6,000 Work in process, ending $7,500 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for theyear was $5 per machine-hour, a total of 10,000 machine-hours was recorded for the year. All raw materials ultimately become direct materialsnone are classified as indirect materials. Required: a) Compute the amount of under applied or over applied overhead cost for the year. b) Prepare a schedule of cost of goods manufactured for the year