The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs: Property taxes, factory Utilities, factory Indirect labour Depreciation, factory Insurance, factory $ 3,700 6,050 11,400 25,750 7,400 Total actual manufacturing overhead costs $54,300 $35,500 $44,900 Other costs incurred: Purchases of raw materials. Direct labour cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 9,400 $ 7,700 $ 7,050 $ 8,900 The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $5 per machine-hour; a total of 11,500 machine-hours were recorded for the year. All raw materials ultimately become direct materials-none are classified as indirect materials. 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. BLACK COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials used in production Direct labour Total manufacturing cost Cost of goods manufactured