The following cost data relate to the manufacturing activities of Black Company during the just completed year 16 $ Manufacturing overhead costs! Property taxes, factory utilities, factory Indirect labour Depreciation, factory Insurance, factory Total actual manufacturing overhead costs 3.500 5,750 11,000 25,250 7.000 $ 52,500 0234 5 $ 34,500 43,500 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 5 $ $ 9.000 7,500 6,750 5,500 A 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