The following cost data relate to the manufacturing activities of Falco Industries during the jus... Edit question The following cost data relate to the manufacturing activities of Falco Industries during the just completed year: Total actual manufacturing overhead costs incurred (including $15,000 of indirect materials) $353,000 Purchases of raw materials (both direct and indirect) $250,000 Direct labor cost $135,000 Inventories: Raw materials, beginning $10,000 Raw materials, ending $15,000 Work-In-Process, beginning $20,000 Work-In-Process, ending $35,000 The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The predetermined overhead rate for the year was $15 per machine-hour. A total of 23,000 machine-hours were recorded for the year. Required: a. Compute the amount of underapplied or overapplied overhed cost of the year. b. Prepared a Schedule of Cost of Goods Manufactured for the year. Expert Answer Hang tight! We are finding a Chegg Expert to answer this question.