The following cost data relate to the manufacturing activities of Black Company during the just completed year:

               

Manufacturing overhead costs:
Property taxes, factory	$3,000
Utilities, factory	5,000
Indirect labor	10,000
Depreciation, factory	24,000
Insurance, factory	6,000
Total actual manufacturing overhead costs	$48,000
Other costs incurred:
Purchases of raw materials	$32,000
Direct labor cost	$40,000
Inventories:
Raw materials, beginning	$8,000
Raw materials, ending	$7,000
Work in process, beginning	$6,000
Work in process, ending	$7,500

The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of 11,500 machine-hours was recorded for the year. All raw materials ultimately become direct materials—none are classified as indirect materials.

Required:

1. Compute the amount of underapplied or overapplied overhead cost for the year.

2. Prepare a schedule of the cost of goods manufactured for the year.