Question Tyare Corporation had the following inventory balances at the beginning and end of May: May 1May 30Raw materials$27,500 $34,000 Finished Goods$77,000 $70,000 Work in Process$15,500 $16,808 During May, $60,500 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 340 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 $7,250 of direct materials cost. The Corporation incurred $42,600 of actual manufacturing overhead cost during the month and applied $40,800 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled:
Question
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1May 30Raw
materials$27,500 $34,000 Finished Goods$77,000 $70,000 Work in Process$15,500 $16,808
During May, $60,500 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 340 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 $7,250 of direct materials cost. The Corporation incurred $42,600 of actual manufacturing overhead cost during the month and applied $40,800 in manufacturing overhead cost.
The direct materials cost in the May 1 Work in Process inventory account totaled:
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