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

Manufacturing overhead costs incurred:
Indirect materials	$	16,000
Indirect labor		140,000
Property taxes, factory		9,000
Utilities, factory		80,000
Depreciation, factory		251,500
Insurance, factory		11,000
Total actual manufacturing overhead costs incurred	$	507,500
Other costs incurred:
Purchases of raw materials (both direct and indirect)	$	410,000
Direct labor cost	$	70,000
Inventories:
Raw materials, beginning	$	21,000
Raw materials, ending	$	31,000
Work in process, beginning	$	41,000
Work in process, ending	$	71,000

The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,700 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.

Check my work The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 16,000 140,000 9,000 80,000 251,500 11,000 $507,500 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 materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $410,000 $ 70,000 $ 21,000 $ 31,000 $ 41,000 $ 71,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,700 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. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Direct materials used in production $ 0 0 0 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured