Chapter 3 - Required Connect Homework Saved 4 Exercise 3-7 (Algo) Applying Overhead; Cost of Goods Manufactured [LO3-3, LO3-4] Help Save & Exit Submit 2 points eBook Hint 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 References Work in process, beginning Work in process, ending $ 15,600 136,000 8,600 76,000 250,700 10,600 $ 497,500 $ 406,000 $ 66,000 $ 20,600 $ 30,600 $ 48,600 $ 70,600 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 20,300 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. Mc Graw Hill Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost for the year. < Prev 4 of 5 Next Check my work