The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Actual Manufacturing Overhead Cost Incurred: $353,000

Direct Materials: $230,000

Direct Labor Cost: $135,000

Inventories:

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 per machine-hour. A total of 23,000 machine-hours was recorded for the year. Required: a. Compute the amount of underapplied or overapplied overhead cost for the year. b. Prepare a Schedule of Cost of Goods Manufactured for the year.