The following cost data relate to the manufacturing activities of Chang Company during the just completed year. 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 $ 17,000 150,000 10,000 90,000 147,000 12,000 $426,000 $420,000 $ 80,000 $ 22,000 $ 32,000 $ 42,000 $ 72,000 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 21700 machine hours were used during the year. Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Total raw materials available Add: Manufacturing overhead cost Raw materials used in production $ Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 72,000