The following cost data relate to the manufacturing activities of Black Company during the just-completed year: $ Manufacturing overhead costs: Property taxes, factory Utilities, factory Indirect labour Depreciation, factory Insurance, factory 3,400 5,600 10,800 25,000 6,800 Total actual manufacturing overhead costs $ 51,600 $ 34,000 $ 42,800 Other costs incurred: Purchases of raw materials. Direct labour cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ $ $ $ 8,800 7,400 6,600 8,300 The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $5 per machine- hour; a total of 11,000 machine-hours were 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 cost of goods manufactured for the year. BLACK COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials used in production Direct labour Total manufacturing cost Cost of goods manufactured