During May, $62,500 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 380 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 $7,450 of direct materials cost. The Company incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled:

$7,240

Explanation:

Missing word "Tyare Corporation had the following inventory balances at the beginning and end of May

                             May 1       May 30

Raw materials      $29,500  $38,000

Finished Goods   $79,000  $74,000

Work in Process  $17,500    $17,116"

Calculation Of Direct Material Cost

Particular                                                                     Amount

Beginning WIP Inventory                                           $17,500

Less: Direct Labor Cost (15*380)                               $5,700

Less: Manufacturing OH applied on WIP (12*380)   $4,560

Direct Material Cost                                                   $7,240

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