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. Exercise 3-7 (Algo) 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: 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 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 Compute the amount of underapplied or overapplied overhead cost for the year. Overapplied overhead cost $ 11,200 $ 41,900 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 392,100 Direct materials used in production Direct labor Manufacturing overhead applied to work in process $ 392,100 79,000 604,800 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 1,075,900 1,117,800 (71,900) $ 1,045,900