Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $26,000 $31,000 $75,500 $67,000 $14,000 $16,567 Raw materials Finished Goods Work in Process During May, $59,000 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 310 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 $7,100 of direct materials cost. The Corporation incurred $42,150 of actual manufacturing overhead cost during the month and applied $39,900 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled:

Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $26,000 $31,000 $75,500 $67,000 $14,000 $16,567 Raw materials Finished Goods Work in Process During May, $59,000 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 310 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 $7,100 of direct materials cost. The Corporation incurred $42,150 of actual manufacturing overhead cost during the month and applied $39,900 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account 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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Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 $30,500 $80,000 $18,500 May 30 $40,000 $76,000 $17,270 Raw materials Finished Goods Work in Process During May, $63,500 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 400 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 $7,550 of direct materials cost. The Corporation incurred $43,500 of actual manufacturing overhead cost during the month and applied $42,600 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled: Multiple Choice O $6,000 $12,500 $13,700 O $7,700
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