Problem 4 Applying Overhead, Cost of Goods Manufactured The following cost data relate to the manufacturing activities of Black Company during the just-completed year Manufacturing overhead costs: Property taxes, factory Utilities, factory Indirect labour Depreciation, factory Insurance, factory Total actual manufacturing overhead costs 3,000 5,000 10.000 24,000 6,000 $48.000 Other costs incurred: Purchases of raw materials Direct labour cost $32,000 $40,000 Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $7,000 $8,000 $6,000 $7,500 The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $5 per machine-hour, a total of 10,000 machine- hours were recorded for the year. All raw materials ultimately become direct materials- none are classified as indirect materials. Required: 1. Compute the amount of under-applied or over-applied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year