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Tyre Corporation had the following inventory balances at the beginning and end of May May 1 May 30 Raw materials $32,000 $43,000 Finished Goods $81,500

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Tyre Corporation had the following inventory balances at the beginning and end of May May 1 May 30 Raw materials $32,000 $43,000 Finished Goods $81,500 $79,000 Work in Process $20,000 $17,501 During May, $65.000 in raw materials (all direct materials) were drawn from inventory and used in production. The company predetermined overhead rate was 512 per direct labor-nout, and it paid its direct labor workers $15 per hour. A total of 430 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 $7700 of direct materials cost. The Corporation incurred $43.950 of actual manufacturing overhead cost during the month and applied $43,500 in manufacturing overhead cost The direct materials cost in the May 1 Work in Process inventory account totaled O $6,450 O ( ) O $13,550 $8,390 $14,840

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