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Tyare Corporation had the following inventory balances at the beginning and end of May:May 1May ...

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Tyare Corporation had the following inventory balances at the beginning and end of May:May 1May ...

Tyare Corporation had the following inventory balances at the beginning and end of May:

	May 1	May 30
Raw materials	$28,500	$36,000
Finished Goods	$78,000	$72,000
Work in Process	$16,500	$16,962

During May, $61,500 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 360 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 $7,350 of direct materials cost. The Corporation incurred $42,900 of actual manufacturing overhead cost during the month and applied $41,400 in manufacturing overhead cost.

The raw materials purchased during May totaled:

▸ $61,500

▸ $73,038

▸ $54,000

▸ $69,000

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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