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 materiala, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 16,800 148,000 9.800 88,000 295,300 11.800 $569, 700 $418.000 $ 78,000 $ 21.800 $ 31,800 $ 41.800 $ 71,800 The company uses a predetermined overhead rate of $27 per machine hour to apply overhead cost to jobs. A total of 21,500 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