Tyare Corporation had the following inventory balances at the beginning and end of May:
May 1 May 30
Raw materials $35,500 $50,000
Finished Goods $85,000 $86,000
Work in Process $23,500 $18,040
During May, $68,500 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 500 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 $8,050 of direct materials cost. The Corporation incurred $45,000 of actual manufacturing overhead cost during the month and applied $45,600 in manufacturing overhead cost. The raw materials purchased during May totaled:
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Tyare Corporation had the following inventory balances at the beginning and end of May:
May 1 May 3...
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