Tyare Corporation had the following inventory balances at the beginning and end May: May 1 $31,500 $81,000 $19,500 May 30 Raw materials $42,000 $78,000 $17,424 Finished Goods Work in Process During May, $64,500 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 420 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 $7,650 of direct materials cost The Corporation incurred $43,800 of actual manufacturing overhead cost during the month and applied $43,200 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled: Multiple Choice 2,920 hours 3,650 hours 3,600 hours 5,040 hours

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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14
Tyare Corporation had the following inventory balances at the beginning and end of May:
May 1
$31,500
$81,000
$19,500
May 30
$42,000
$78,000
$17,424
Raw materials
Finished Goods
Work in Process
During May, $64,500 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 420 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 $7,650 of
direct materials cost The Corporation incurred $43,800 of actual manufacturing overhead cost during the month and applied $43,200 in manufacturing overhead cost.
The actual direct labor-hours worked during May totaled:
Multiple Choice
2,920 hours
3,650 hours
3,600 hours
5,040 hours
Transcribed Image Text:Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 $31,500 $81,000 $19,500 May 30 $42,000 $78,000 $17,424 Raw materials Finished Goods Work in Process During May, $64,500 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 420 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 $7,650 of direct materials cost The Corporation incurred $43,800 of actual manufacturing overhead cost during the month and applied $43,200 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled: Multiple Choice 2,920 hours 3,650 hours 3,600 hours 5,040 hours
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