The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs incurred: Property taxes, factory Utilities, factory Indirect labor Depreciation, factory Insurance, factory Total actual manufacturing overhead costs 3,000 5,000 9,800 23,800 5,900 $47,500 Other costs incurred: Purchases of raw materials Direct labor cost $31,500 $39,900 Inventories Raw materials, beginning Raw materials, ending Work in process, beginning $ 8,000 6,400 5,400 $ 7,100 Work in process, ending overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of was recorded for the year. All raw materials ultimately become direct materials-none are 12.400 machine-hours classified as indirect materials Required: 1. Compute the amount of underapplied or overapplied overhead oost for the year s 1,500 2. Prepare a schedule of cost of goods manufactured for the year using the indirect method. (Enter all deductions as a negative.) Black Company Schedule of Cost of Goods Manufactured Direct materials Raw materials inventory, beginning Add: Purchase of raw materials Raw materials available for use Deduct: Raw materials inventory, ending Raw materials used in production $ 8,000 31,500 39,500 6,400 $33,100 39,900 49,000 122,000 5,400 7,100 S120,300 Direct labor Manufacturing overhead cost applied to work in procesS Total manufacturing cost Add: Work in process, beginning Deduct: Work in process, ending Cost of goods manufactured "Red text indicates no response was expected in a cell or a formula-based rect; no points deducted