The following cost data relate to the manufacturing activities of Chang Company during the just completed year: 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 $ 16,300 143,000 9,300 83,000 149, 100 11,300 $412,000 $413,000 $ 73,000 $ 21,300 $ 31,300 $ 41,300 $ 71,300 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 21,000 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. Chang Company Schedule of Cost of Goods Manufactured Direct materials: $ 21,300 413,000 434,300 31,300 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used in production Direct materials used in production Direct labor 403,000 16,300 $386,700 73,000 Manufacturing overhead applied to work in process 420,000 879,700 879,700 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 71,300 $ 808,400