2.

Matthias Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of May. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $73,000 and the total of the credits to the account was $109,000. Which of the following statements is true? Multiple Choice 0 Manufacturing overhead applied to Work in Process for the month was $109,000. Manufacturing o 0 Manufacturing overhead for the month was underapplied by $36,000. 0 Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $73,000. 0 Actual manufacturing overhead incurred during the month was $109,000. Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 $ 34,000 $83,500 $22,000 May 30 $ 47,000 $83,000 $17,809 During May, $67,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 470 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,900 of direct materials cost. The Corporation incurred $44,550 of actual manufacturing overhead cost during the month and applied $44,700 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled: Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Beginning Ending $ 37,000 $35,000 $ 21,000 $27,000 $ 37,000 $52,000 Additional information: $71,000 $ 96,000 $ 64,000 Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $10,000 $63,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is