The following cost data relate to the manufacturing activities of Chang Company during the just completed year:Manufacturing overhead costs incurred:Indirect materials $ 15,000Indirect labor 130,000Property taxes, factory 8,000Utilities, factory 70,000Depreciation, factory 240,000Insurance, factory 10,000Total actual manufacturing overhead costs incurred $ 473,000Other costs incurred:Purchases of raw materials (both direct and indirect) $ 400,000Direct labor cost $ 60,000Inventories:Raw materials, beginning $ 20,000Raw materials, ending $ 30,000Work in process, beginning $ 40,000Work in process, ending $ 70,000The 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.