Reynolds Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $2

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Reynolds Corporation Had The Following Inventory Balances At The Beginning And End Of May May 1 May 30 Raw Materials 2 1 (36.65 KiB) Viewed 32 times

Reynolds Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $29.000 $37.000 Finished Goods $78,500 $73,000 Work in Process $17.000 $17,039 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 hout, and it paid its direct labor workers $15 per hout. 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: