Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 16,900 149,000 9,900 89,000 316,900 11,900 $ 593,600 $ 419,000 $ 79,000 $ 21,900 $ 31,900 $ 41,900 $ 71,900 The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21,600 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 21,900 Add: Purchases of raw materials 419,000 Total raw materials available 440,900 Less: Ending raw materials inventory 31,900 Raw materials used in production 409,000 Less: Indirect materials used in production 16,900 Direct materials used in production $ 392,100 Direct labor Manufacturing overhead applied to work in process Manufacturing overhead applied to work in process 79,000 604,800 41,900 Total manufacturing costs added to production 1,117,800 1,117,800 Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 71,900 $ 1,045,900