Q4.The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Total actual manufacturing overhead costs incurred (including $15,000 of indirect materials)..................... Purchases of raw materials (both direct and indirect).. Direct labor cost... Inventories: $353,000 $250,000 $135,000 Raw materials, beginning. $10,000 $15,000 $20,000 $35,000 Raw materials, ending........ Work in process, beginning.... Work in process, ending. The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The predetermined overhead rate for the year was $15 per machine-hour. A total of 23,000 machine-hours were recorded for the year. Required: a. Compute the amount of underapplied or overapplied manufacturing overhead cost for the year. b. Prepare a Schedule of Cost of Goods Manufactured for the year.