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Tyare Corporation had the following Inventory balances at the beginning and end of May. Raw materials Finished Goods Work in Process May 1 $29,500
Tyare Corporation had the following Inventory balances at the beginning and end of May. Raw materials Finished Goods Work in Process May 1 $29,500 May 30 $38,000 $79,000 $74,000 $17,500 $17,116 During May, $62,500 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 380 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 $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:
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