Homework answers / question archive / Tyare Corporation had the following inventory balances at the beginning and end of May:  May 1  May 30  Raw materials $30,000 $39,000 Finished Goods $79, 500 $75,000 Work in Process $18,000 $17,193  During May

Tyare Corporation had the following inventory balances at the beginning and end of May:  May 1  May 30  Raw materials $30,000 $39,000 Finished Goods $79, 500 $75,000 Work in Process $18,000 $17,193  During May

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Tyare Corporation had the following inventory balances at the beginning and end of May: 
May 1 
May 30 
Raw materials $30,000 $39,000 Finished Goods $79, 500 $75,000 Work in Process $18,000 $17,193 
During May. $63,000 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 390 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 $7,500 of direct materials cost. The Corporation incurred $43,350 of actual manufacturing overhead cost during the month and applied $42,300 in manufacturing overhead cost. 
The direct materials cost in the May 1 Work in Process inventory account totaled: