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

Manufacturing overhead costs incurred:
Indirect materials	$	15,800
Indirect labor		138,000
Property taxes, factory		8,800
Utilities, factory		78,000
Depreciation, factory		150,600
Insurance, factory		10,800
Total actual manufacturing overhead costs incurred	$	402,000
Other costs incurred:
Purchases of raw materials (both direct and indirect)	$	408,000
Direct labor cost	$	68,000
Inventories:
Raw materials, beginning	$	20,800
Raw materials, ending	$	30,800
Work in process, beginning	$	40,800
Work in process, ending	$	70,800

The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,500 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.

Prepare a schedule of cost of goods manufactured for the year.

Chang Company
Schedule of Cost of Goods Manufactured
Manufacturing overhead cost
Direct materials:
Beginning raw materials inventory
Add: Purchases of raw materials
Total raw materials available
Less: Ending raw materials inventory
Raw materials used in production
Less: Indirect materials used in production
Direct materials used in production		$0
Direct labor
Manufacturing overhead applied to work in process
Cost of goods manufactured
Total manufacturing costs added to production			0
Total manufacturing costs to account for			0
Cost of goods manufactured