The following accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Credit Debit Balance (a) 0(b) 174,000 158,000 Balance (b) 0|(f) 134,000 16,000 (c) 172,000 (e) 220,000 0 Finished Goods Manufacturing Overhead Debit Credit Debit Balance (f) (g) 526,000 46,000 480,000 (b) (c) 24,000 (e) (d) 28,000 160,000 Cost of Goods Sold Debit Credit (g) 480,000 Credit 526,000 Credit 220,000 8,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice $174,000 $158,000 $134,000 $172,000 Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 May 30 $37,000 $29,000 $78,500 $73,000 $17,000 $17,039 During May, $62,000 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 370 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 $7,400 of direct materials cost. The Corporation incurred $43,050 of actual manufacturing overhead cost during the month and applied $41,700 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled: Multiple Choice $12,560 $7,010 $11,450 $5,550