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Exercise 3-7 Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4] The following cost data relate to the manufacturing activities of Chang Company during the just completed year. $ 16,400 144,000 9,400 84,000 210.900 11,400 $4769100 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: Purchase of raw materials both direct and indirect Direct labor coat Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in proceso, ending 5414,000 $ 74,000 $ 21,400 $31.400 $ 41.400 $ 71,400 The company uses a predetermined overhead rate of $23 per machine-hour to apply overhead cost to jobs. A total of 21100 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