The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $25 per machine-hour. A total of 19,400 machine-hours was recorded for the year. Required: 1. Compute the amount of under-or-over applied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. 5. Larned Corporation recorded the following transactions for the just completed month. a) $80,000 in raw materials were purchased on account. b) $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. c) Total labour wages of $112,000 were incurred. Of this amount, $101,000 was for direct labour and the remainder was for indirect labour. d) Additional manufacturing overhead costs of $175,000 were incurred