The following cost data relate to the manufacturing activities of Chang Company during the just completed year:
|Manufacturing overhead costs incurred:|
|Property taxes, factory||9,300|
|Total actual manufacturing overhead costs incurred||$||412,000|
|Other costs incurred:|
|Purchases of raw materials (both direct and indirect)||$||413,000|
|Direct labor cost||$||73,000|
|Raw materials, beginning||$||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.
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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