Question

Kirkaid Company recorded the following transactions for the just completed month: a. $118,000 in raw materials...

Kirkaid Company recorded the following transactions for the just completed month:
a.

$118,000 in raw materials were requisitioned for use in production. Of this amount, $89,000 was for direct materials and the remainder was for indirect materials.
b.

Total labor wages of $142,000 were incurred. Of this amount, $122,000 was for direct labor and the remainder was for indirect labor.
c.

Additional actual manufacturing overhead costs of $214,000 were incurred.
d. A total of $268,000 in manufacturing overhead was applied to jobs.
Required:
Determine the underapplied or overapplied overhead for the month.
Business   Accounting   
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Homework Answers

Answer #1
Indirect Material - $118,000 - $89,000           29,000.00
Indirect Labor - $142,000 - $122,000           20,000.00
Additonal MOH         214,000.00
Total Actual MOH         263,000.00
Calculation of Underapplied or Overapplied Overhead:
Applied Overhead         268,000.00
Actual MOH incurred         263,000.00
Overapplied Overhead             5,000.00
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