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  3. the following cost data relate to the manufacturin

The following cost data relate to the manufacturing activities of Chang Company during the just...

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Accounting

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

Manufacturing overhead costs incurred:
Indirect materials $ 15,600
Indirect labor 136,000
Property taxes, factory 8,600
Utilities, factory 76,000
Depreciation, factory 250,700
Insurance, factory 10,600
Total actual manufacturing overhead costs incurred $ 497,500
Other costs incurred:
Purchases of raw materials (both direct and indirect) $ 406,000
Direct labor cost $ 66,000
Inventories:
Raw materials, beginning $ 20,600
Raw materials, ending $ 30,600
Work in process, beginning $ 40,600
Work in process, ending $ 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.

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