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 incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 15,000 130,000 8,000 70,000 240,000 10,000 $ 473,000 $ 400,000 $ 60,000 $ 20,000 $ 30,000 $ 40,000 $ 70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 19,400 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Ending work in process inventory Direct materials: Beginning raw materials inventory $ 20,000 Add: Purchases of raw materials 400,000 Total raw materials available 420,000 Less: Ending raw materials inventory 30,000 Raw materials used in production 390,000 Less: Indirect materials used in production 15,000 Direct materials used in production $375,000 Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production 60,000 485,000 Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 920,000 920,000 70,000 $890,000