Kirkaid Company recorded the following transactions for the just completed month

Question

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

$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.

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

Additional actual manufacturing overhead costs of $214,000 were incurred.

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

Explanation / Answer

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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