The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurredi Purchases of raw materials (both direct and indirect) Direct labor cost Inventories Raw materiale, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 16,400 144,000 9,400. 84,000 210,900. 11,400 $ 476,100 $414,000 $ 74,000 $ 21,400 $31,400 $ 41,400 $ 71,400 The company uses a predetermined overhead rate of $23 per machine-hour to apply overhead cost to jobs. A total of 21,100 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. Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 21,400 Add: Purchases of raw materials 414,000 Total raw materials available 435,400 Less: Ending raw materials inventory 31,400 Raw materials used in production 404,000 Less: Indirect materials used in production 16,400 Direct materials used in production $ 387,600 74,000 Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 41,400 461,600 503,000 71,400