Item7 Time Remaining 2 hours 45 minutes 37 seconds 02:45:37 eBook Item 7 Item 7 Time Remaining 2 hours 45 minutes 37 seconds 02:45:37 Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $ 30,500 $ 40,000 Finished Goods $ 80,000 $ 76,000 Work in Process $ 18,500 $ 17,270 During May, $63,500 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 400 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 $7,550 of direct materials cost. The Corporation incurred $43,500 of actual manufacturing overhead cost during the month and applied $42,600 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled: Multiple Choice $13,700 $7,700 $12,500 $6,000