Reference no: EM132633127
Tyare Corporation had the following inventory balances at the beginning and end of May:
May 1 May 30
Raw materials $28,000 $35,000
Finished Goods $77,500 $71,000
Work in Process $16,000 $16,885
During May, $61,000 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 350 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 $7,300 of direct materials cost. The Corporation incurred $42,750 of actual manufacturing overhead cost during the month and applied $41,100 in manufacturing overhead cost.
Problem 1: The raw materials purchased during May totaled:
Multiple Choice
Option 1: $61,000
Option 2: $72,115
Option 3: $54,000
Option 4: $68,000
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