QUESTION 7 25 points The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: ............ $353,000 $230,000 $135,000 Actual manufacturing overhead costs incurred.. Direct materials .... Direct labor cost ............................. Inventories: Work in process, beginning ........ Work in process, ending ... $20,000 $35,000 The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The predetermined overhead rate for the year was $15 per machine-hour. A total of 23,000 machine-hours was recorded for the year. Required: a. Compute the amount of underapplied or overapplied overhead cost for the year. b. Prepare a Schedule of Cost of Goods Manufactured for the year