The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 15,700 137,000 8,700 77,000 270,900 10, 700 $520,000 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 $ 407,000 $ 67,000 $ 20,700 $ 30,700 $ 40,700 $ 70, 700 The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A total of 20,400 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