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

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Accounting

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Tyare Corporation had the following inventory balances at the beginning and end of May: May 30 $25,500 $30,000 $75,000 $66,000 Work in Process$13,500 $16,500 May 1 Raw materials Finished Goods During May, $58,500 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 300 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 $7,050 of direct materials cost. The Corporation incurred $42,000 of actual manufacturing overhead cost during the month and applied $39,600 in manufacturing overhead cost The raw materials purchased during May totaled: Multiple Choice $58,500

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