Answer Happy

The following accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Credit 0 (b) 158,000 Balance 0 (f) 526,000 Balance (a) (b) 134,000 (c) 172,000 (e) 220,000 0 Finished Goods Manufacturing Overhead 0(g) 480,000 (b) 24,000 (e) 220,000 Balance (f) (c) 28,000 526,000 46,000 (d) 160,000 8,000 Cost of Goods Sold Debit Credit (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice O O Debit 174,000 16,000 $174,000 $158,000 $134,000 $172,000 Credit Debit Debit Credit Credit
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $29,000 Raw materials Finished Goods $37,000 $78,500 $73,000 $17,000 $17,039 Work in Process During May, $62,000 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 370 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 $7,400 of direct materials cost. The Corporation incurred $43,050 of actual manufacturing overhead cost during the month and applied $41,700 in manufacturing overhead cost. The direct materials cost in the May 1 Work in Process inventory account totaled: Multiple Choice O о O $12,560 $7,010 $11.450 $5,550