The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs: Property taxes, factory.......................................... $3000 Utilities, factory.................................................... 5000 Indirect labor........................................................ 10000 Depreciation, factory............................................. 24000 Insurance, factory................................................. 6000 Total actual manufacturing overhead costs................ 48000 Other cost incurred: Purchases of raw materials..................................... 32000 Direct labor cost................................................... 40000 Inventories: Raw materials, beginning........................................ 8000 Raw materials, ending............................................ 7000 Work in process, beginning...................................... 6000 Work in process, ending.......................................... 7500 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine hour; a total of 10,000 machine hours was 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