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12 April, 12:37

Tyare Corporation had the following inventory balances at the beginning and end of May:May 1 - May 30Raw materials : $ 30,500 - $ 40,000Finished Goods : $ 80,000 - $ 76,000Work in Process : $ 18,500 - $ 17,270During May, $63,500 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 400 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 $7,550 of direct materials cost. The Corporation incurred $43,500 of actual manufacturing overhead cost during the month and applied $42,600 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled:

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  1. 12 April, 12:52
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    Answer

    Answer is c) $73000.

    Explanation:

    Raw material purchase = Ending material+Material used-Beginning material

    = 40000+63500-30500

    Raw material purchase = 73000

    So answer is c) $73000
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