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 $ 16,000 140,000 9.000 80,000 251,500 11,000 $507,500 $410,000 $ 70,000 $ 21,000 $ 31,000 $ 41,000 $ 71,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,700 machine-hours were used during the year. 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. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory $ 21,000 Add: Purchases of raw materials 410,000 Total raw materials available 431,000 Less: Ending raw materials inventory (31,000) Raw materials used in production 400,000 $ 400,000 70,000 517,500 Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory | 41,000 41,000 (71,000) Less: Ending work in process inventory Cost of goods manufactured