> Question 26 Idnani Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $28,500 $36,000 Raw materials $78,000 $72,000 Finished Goods Work in Process $16,500 $16.962 During May, $61,500 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 360 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 $7350 of direct materials cost. The Corporation incurred $42,900 of actual manufacturing overhead cost during the month and applied $41,400 in manufacturing overhead cost The raw materials purchased during May totaled: $73.038 $54,000 561.500 $69.000