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

Manufacturing overhead costs incurred:
Indirect materials	$	15,500
Indirect labor		135,000
Property taxes, factory		8,500
Utilities, factory		75,000
Depreciation, factory		230,700
Insurance, factory		10,500
Total actual manufacturing overhead costs incurred	$	475,200
Other costs incurred:
Purchases of raw materials (both direct and indirect)	$	405,000
Direct labor cost	$	65,000
Inventories:
Raw materials, beginning	$	20,500
Raw materials, ending	$	30,500
Work in process, beginning	$	40,500
Work in process, ending	$	70,500

The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 20,200 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.