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

Manufacturing overhead costs incurred:
Indirect materials	$	16,000
Indirect labor		140,000
Property taxes, factory		9,000
Utilities, factory		80,000
Depreciation, factory		251,500
Insurance, factory		11,000
Total actual manufacturing overhead costs incurred	$	507,500
Other costs incurred:
Purchases of raw materials (both direct and indirect)	$	410,000
Direct labor cost	$	70,000
Inventories:
Raw materials, beginning	$	21,000
Raw materials, ending	$	31,000
Work in process, beginning	$	41,000
Work in process, ending	$	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.