The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Actual manufacturing overhead costs incurred. $353,000 Direct materials $230,000 Direct labor cost . $135,000 Inventories: 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 was recorded for the year. Required: a. Compute the amount of underapplied or overapplied overhead cost for the year. b. Prepare a Schedule of Cost of Goods Manufactured for the year. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)