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2. The following cost data relate to the manufacturing activities of the Kanaba Corporation last year: Manufacturing overhead costs: Property taxes $1,500 Utilities, factory 2,500 Indirect labor 5,000 Depreciation, fact01y 12,000 Insurance, factory m Total $24,000 Other costs incurred: Purchases of direct materials $16,000 Direct labor cost $20,000 Inventories: Direct materials, January 1 $4,000 Direct materials, December 31 $3,500 Work in process, January 1 $3,000 Work in process, December 31 $3,750 The company uses a predetermined overhead rate to apply manufactln'ing overhead cost to production. The rate last year was $5.00 per machine-hour; a total of 5,000 machine-hours were recorded for the year. Required: a. Compute the amount of underapplied or overapplied overhead cost for the year. b. Prepare a schedule of Cost of Goods Manufactured for the year