Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 $31,500 $81,000 $19,500 May 30 $42,000 $78,000 $17,424 Raw materials Finished Goods Work in Process During...

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Extracted text: Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 $31,500 $81,000 $19,500 May 30 $42,000 $78,000 $17,424 Raw materials Finished Goods Work in Process During May, $64,500 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 420 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 $7,650 of direct materials cost The Corporation incurred $43,800 of actual manufacturing overhead cost during the month and applied $43,200 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled: Multiple Choice 2,920 hours 3,650 hours 3,600 hours 5,040 hours