Step by step procedured

Tyare Corporation had the following inventory balances at the beginning and end of May: 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 $7,350 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 actual direct labor-hours worked during May totaled: 2.860hours 3.575 hours 3,450 hours 4.320 hours