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

Manufacturing overhead costs incurred:
Indirect materials	$ 16,600
Indirect labor	146,000
Property taxes, factory	9,600
Utilities, factory	86,000
Depreciation, factory	252,700
Insurance, factory	11,600
Total actual manufacturing overhead costs incurred	$ 522,500
Other costs incurred:
Purchases of raw materials (both direct and indirect)	$ 416,000
Direct labor cost	$ 76,000
Inventories:
Raw materials, beginning	$ 21,600
Raw materials, ending	$ 31,600
Work in process, beginning	$ 41,600
Work in process, ending	$ 71,600

The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 21,300 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.