Exercise $3-7($Algo$)$ Applying Overhead; Cost of Goods Manufactured $[$LO$3-3,$ LO$3-4]$

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

Manufacturing overhead costs incurred:

Indirect materials $ $16,300$

Indirect labor $143,000$

Property taxes, factory $9,300$

Utilities, factory $83,000$

Depreciation, factory $149,100$

Insurance, factory $11,300$

Total actual manufacturing overhead costs incurred $ $412,000$

Other costs incurred:

Purchases of raw materials $($both direct and indirect$)$ $ $413,000$

Direct labor cost $ $73,000$

Inventories:

Raw materials, beginning $ $21,300$

Raw materials, ending $ $31,300$

Work in process, beginning $ $41,300$

Work in process, ending $ $71,300$

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.