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

Manufacturing overhead costs incurred:
Indirect materials	$ 15,600
Indirect labor	136,000
Property taxes, factory	8,600
Utilities, factory	76,000
Depreciation, factory	250,700
Insurance, factory	10,600
Total actual manufacturing overhead costs incurred	$ 497,500
Other costs incurred:
Purchases of raw materials (both direct and indirect)	$ 406,000
Direct labor cost	$ 66,000
Inventories:
Raw materials, beginning	$ 20,600
Raw materials, ending	$ 30,600
Work in process, beginning	$ 40,600
Work in process, ending	$ 70,600

The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,300 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.