The following cost data relate to the manufacturing activities of Carrie Corporation during the past year: Manufacturing overhead costs incurred: Indirect materials $ 37,400 Indirect labour 226,000 Property taxes, factory 28,200 Utilities, factory 154,000 Depreciation, factory 324,000 Insurance, factory 22,200 Total actual costs incurred $ 791,800 other costs incurred: Purchases of raw materials (both direct and indirect) $ 534,000 Direct labour cost 88,400 Inventories: Raw materials, beginning $ 48,500 Raw materials, ending 38,500 Work in process, beginning 68,500 Work in process, ending 48,500 The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $33 per machine hour. A total of 24,400 machinehours were recorded for the year. Required: 1. Compute the amount of under or overapplied overhead cost for the year. Overapplied $ 13,400 2. Prepare a schedule of cost of goods manufactured for the year. Carrie Corporation Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning $ 48,500 Add: Purchases of raw materials 534,000 Raw materials available for use 582,500 Deduct: Raw materials inventory, ending 38,500 Raw materials used in production 544,000 $ 544,000 Total manufacturing costs 544,000 Add: Work in process, beginning 68,500 Total work-in-process inventory 612,500 Deduct: Work in process, ending 48,500 Cost of goods manufactured $ 564,000