Tyare Corporation had the following inventory balances at the beginning and end of May: ...
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Tyare Corporation had the following inventory balances at the beginning and end of May:
May 1
May 30
Raw materials
$29,000
$37,000
Finished Goods
$78,500
$73,000
Work in Process
$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:
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