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The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 15,300

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

Manufacturing overhead costs incurred:
Indirect materials $ 15,300
Indirect labor 133,000
Property taxes, factory 8,300
Utilities, factory 73,000
Depreciation, factory 152,100
Insurance, factory 10,300
Total actual manufacturing overhead costs incurred $ 392,000
Other costs incurred:
Purchases of raw materials (both direct and indirect) $ 403,000
Direct labor cost $ 63,000
Inventories:
Raw materials, beginning $ 20,300
Raw materials, ending $ 30,300
Work in process, beginning $ 40,300
Work in process, ending $ 70,300

The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 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.

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