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At the beginning and end of May, Ryerson Company had the following inventory balances: Raw materials Finished Goods Work in Process May 1 $31,500
At the beginning and end of May, Ryerson Company had the following inventory balances: Raw materials Finished Goods Work in Process May 1 $31,500 May 30 $42,000 $81,000 $78,000 $19,500 $17,424 During May, $64,500 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 420 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 $7,650 of direct materials cost. The Corporation incurred $43,800 of actual manufacturing overhead cost during the month and applied $43,200 in manufacturing overhead cost. The raw materials purchased during May totaled:
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