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

Manufacturing overhead costs incurred:
Indirect materials	$	15,700
Indirect labor		137,000
Property taxes, factory		8,700
Utilities, factory		77,000
Depreciation, factory		270,900
Insurance, factory		10,700
Total actual manufacturing overhead costs incurred	$	520,000
Other costs incurred:
Purchases of raw materials (both direct and indirect)	$	407,000
Direct labor cost	$	67,000
Inventories:
Raw materials, beginning	$	20,700
Raw materials, ending	$	30,700
Work in process, beginning	$	40,700
Work in process, ending	$	70,700

The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 20,400 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.