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

Manufacturing overhead costs incurred:
Indirect materials	$	15,000
Indirect labor		130,000
Property taxes, factory		8,000
Utilities, factory		70,000
Depreciation, factory		240,000
Insurance, factory		10,000
Total actual manufacturing overhead costs incurred	$	473,000
Other costs incurred:
Purchases of raw materials (both direct and indirect)	$	400,000
Direct labor cost	$	60,000
Inventories:
Raw materials, beginning	$	20,000
Raw materials, ending	$	30,000
Work in process, beginning	$	40,000
Work in process, ending	$	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.