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 $ 15,000 130,000 8,000 70,000 240,000 10,000 Total actual manufacturing overhead costs incurred $473,000 Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost $ 400,000 $ 60,000 Inventories Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 20,000 $ 30,000 $ 40,000 $ 70,000 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was 525 per machine-hour. A total of 19,400 machine-hours was recorded for the year. Required 1. Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost 2. Prepare a schedule of cost of goods manufactured for the year Chang Company Schedule of Cost of Goods Manufactured Direct materials Raw materials available for use Raw materials used in production Total manufacturing costs Cost of goods manufactured