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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: PM $ 15.000 130,000 8.000 70,000 240,000 10,000 $473.000 ME! 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 $400,000 $60,000 $20,000 $30,000 $40,000 $70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead cost to jobs. A total of 19.400 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