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Tyare Corporation had the following inventory balances at the beginning and end of May Help Seve Raw materials Finished Goods Work in Process May i
Tyare Corporation had the following inventory balances at the beginning and end of May Help Seve Raw materials Finished Goods Work in Process May i $26.500 $76,000 $14.500 May 30 $32,000 $68.000 $16, 654 During May $59.500 in raw materials (all direct materials were drawn from inventory and used in production. The company's predetermined overhead rate was 512 per direct laborhout, and it paid its direct labor workers 515 per hour. A total of 320 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 $7150 of direct materials cost. The Corporation incurred $42300 of actual manufacturing overhead cost during the month and applied $40 200 in manufacturing overhead cost The direct materials cost in the May 1 Work in Process inventory account totaled I o o o o
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