Tyare Corporation had the following inventory balances at the beginning and end of May:May 1 May 30$45,000$81,000$17,655Raw materials$33,000Finished Goods$82,500Work in Process $21,000During May, $66,000 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 450 hours of direct labor time had been expended on the jobs in the beginning Work inProcess inventory account. The ending Work in Process inventory account contained $7,800 of direct materialscost. The Corporation incurred $44,250 of actual manufacturing overhead cost during the month and applied$44,100 in manufacturing overhead cost.The actual direct labor-hours worked during May totaled:

The applied overhead is based on the direct labour hours. To calcuate the actual direct labour hours…

in Process $21,000 $17,655 ay, $66,000 in raw materials (all direct materials) were dr Dany's predetermined overhead rate was $12 per direct la our. A total of 450 hours of direct labor time had been ex nventory account. The ending Work in Process inventory Corporation incurred $44,250 of actual manufacturing o manufacturing overhead cost.

in Process $21,000 $17,655 ay, $66,000 in raw materials (all direct materials) were dr Dany's predetermined overhead rate was $12 per direct la our. A total of 450 hours of direct labor time had been ex nventory account. The ending Work in Process inventory Corporation incurred $44,250 of actual manufacturing o manufacturing overhead cost.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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