Tyare Corporation had the following inventory balances at the beginning and end of May: ...
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Accounting
Tyare Corporation had the following inventory balances at the beginning and end of May:
| May 1 | May 30 | |||||
| Raw materials | $ | 33,000 | $ | 45,000 | ||
| Finished Goods | $ | 82,500 | $ | 81,000 | ||
| Work in Process | $ | 21,000 | $ | 17,655 | ||
During May, $66,000 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 450 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 $7,800 of direct materials cost. The Corporation incurred $44,250 of actual manufacturing overhead cost during the month and applied $44,100 in manufacturing overhead cost.
The raw materials purchased during May totaled:
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