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

Manufacturing overhead costs incurred:Indirect materials$ 16,400Indirect labor144,000Property taxes, factory9,400Utilities, factory84,000Depreciation, factory210,900Insurance, factory11,400Total actual manufacturing overhead costs incurred$ 476,100Other costs incurred:Purchases of raw materials (both direct and indirect)$ 414,000Direct labor cost$ 74,000Inventories:Raw materials, beginning$ 21,400Raw materials, ending$ 31,400Work in process, beginning$ 41,400Work in process, ending$ 71,400

The company uses a predetermined overhead rate of $23 per machine-hour to apply overhead cost to jobs. A total of 21,100 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.