The actual direct labor-hours worked during may totaled

Assignment Help Financial Management

Reference no: EM132214018

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

	May 1	May 30
Raw materials	$32,000	$43,000
Finished Goods	$81,500	$79,000
Work in Process	$20,000	$17,501

During May, $65,000 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 430 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 $7,700 of direct materials cost.

The Corporation incurred $43,950 of actual manufacturing overhead cost during the month and applied $43,500 in manufacturing overhead cost

The actual direct labor-hours worked during May totaled:

Reference no: EM132214018

Questions Cloud

What were the key ethical issues : What were the key ethical issues that the accountants/ management team faced and how to you think they should have responded as the fraud unfolded?

What explanations can you offer for this inconsistency : What explanations can you offer for this inconsistency in accounting treatment of similar outlays under U.S. GAAP?

How the bod should have been instrumental at organization : Pick one of the main characters in any of the THREE frauds-ZZZZBest, Regina Vacuum, or ESM Government Securities.

Prepare journal entries for the given transactions : Also, on October 28, 2018, the firm determined that a piece of equipment in Sales Building 1 was outdated due to significant technology changes.

The actual direct labor-hours worked during may totaled : The Corporation incurred $43,950 of actual manufacturing overhead cost during the month and applied $43,500 in manufacturing overhead cost.

What are the appropriate allocations and distributions : What are the appropriate tax allocations and distributions to G and L?What are the appropriate allocations and distributions?

Submit your tax return and computations : John was the beneficiary of his mother's life insurance policy. His mother died in 2017 and he received $50,000 under this policy.

What are the ramifications to accountants : Sarbanes oxley act is a fedral act, which was introduced to protect the interest of shareholders, employees and public from account ting error.

Round all balances to the nearest whole dollar : Issued a bond on December 31 with a face value of $50,000 at a stated annual interest rate of 5% and a market annual interest rate of 8%.

User Account

All Pages