Homework Saved Help Save Exercise 3-7 Applying Overhead; Cost of Goods Manufactured (LO3-3, LO3-4) The following cost data relate to the manufacturing activities of Chang Company during the just completed year $ 16,500 145,000 9.500 85,000 231.700 11,500 $ 499,200 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 $ 415,000 $ 75,000 $ 21,500 $ 31,500 $ 41,500 21.500 The company uses a predetermined overhead rate of $24 per machine hour to apply overhead cost to jobs. A total of 21,200 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. The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 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. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. overhead cost Recured Required 2 > 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: Beginning raw materials inventory Total raw materials available Raw materials used in production $ 0 Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 979,200 1,020,700 1,999,900 (71,500) 949,200 Less: Ending work in process inventory Cost of goods manufactured $