The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Total actual manufacturing overhead costs incurred 355 000 (including $15,000 of indirect materials) Purchases of raw materials (both direct and indirect) 250 000 Direct labor cost 135 000 Inventories: Raw materials, beginning 5 000 Raw materials, ending 15 000 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 $15.5 per machine-hour. A total of 23,000 machine-hours were recorded for the year. Required: a. Compute the amount of underapplied or overapplied manufacturing overhead cost for the year. b. Prepare a Schedule of Cost of Goods Manufactured for the year. Use this table for your answer. Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Purchases of raw materials Total raw materials available Raw materials inventory, ending Raw materials used in production Deduct: Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process overhead Direct labor Manufacturing overhead applied to work in process inventory Total manufacturing costs Add: Beginning work in process inventory Deduct: Ending work in process inventory Cost of goods manufactured