The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs incurred: Property taxes, factory Utilities, factory Indirect labor Depreciation, factory Insurance, factory Total actual manufacturing overhead costs 3,000 5,000 10,000 24,000 6,000 $48,000 Other costs incurred: Purchases of raw materials Direct labor cost $32,000 $40,000 Raw materials, beginning Raw materials, ending Work in process, beginning S 8,000 7,000 S 6,000 $ 7,500 Work in process, ending The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour, a total of 10,000 machine-hours was recorded for the year. All raw materials ultimately become direct materials-none are classified as indirect materials. Required 1. Compute the amount of underapplied or overapplied overhead cost for the year Overapplied cost S 2,000 2. Prepare a schedule of cost of goods manufactured for the year using the indirect method. (Enter all deductions as a negative.) Black Company Schedule of Cost of Goods Manufactured Direct materials: Direct labor Raw materials available for use Raw materials used in production 13 Total manufacturing cost 0 19 Cost of goods manufactured