Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 $29,500 $79,000 $17,500 May 30 $38,000 $74,000 $17,116 Raw materials Finished Goods Work in Process During May, $62,500 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 380 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 $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:

Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 $29,500 $79,000 $17,500 May 30 $38,000 $74,000 $17,116 Raw materials Finished Goods Work in Process During May, $62,500 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 380 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 $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:

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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