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 $$16,700$

Indirect labor $147,000$

$\backslash$table$[[$Property taxes, factory,$9,700]]$

Utilities, factory $87,000$

Depreciation, factory $273,900$

Insurance, factory $,11,700-$$$546,000$

Total actual manufacturing overhead costs incurred $,$$$546,000$

Other costs incurred: $$417,000$

Direct labor cost $$77,000$

Inventories:

Raw materials, beginning $$21,700$

Raw materials, ending $$31,700$

Work $in$ process, beginning $$41,700$

Work $in$ process, ending $$71,700$

The company uses a predetermined overhead rate of $$26$ per machine$-$hour to apply overhead cost to jobs. A total of $21,400$ machine$-$hours were used during the year.

Required:

Compute the amount of underapplied or overapplied overhead cost for the year.

Prepare a schedule of cost of goods manufactured for the year.

Complete this question by entering your answers in the tabs below.

Prepare a schedule of cost of goods manufactured for the year.

$\backslash$table$[[$Chang Company,,$],[,,,],[,,,],[$Direct materials:,,,$],[$Total raw materials available,,,$],[,,,],[$Raw materials used in production,,,$],[$Direct materials used in production,,,$],[,,,],[,,,],[$Total manufacturing costs added to production,,,$],[$Total manufacturing costs to account for,,,$],[,,,],[$Cost of goods manufactured,,,$]]$