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A company has only one Job in process on March 1 of the current year. The job has been charged with $2,000 of direct material cost, $2,100 of direct labour cost, and $1,750 of manufacturing overhead cost. The company assigns overhead cost to jobs at a predetermined rate of 70% of direct labour cost. Any under or overapplied overhead cost is closed out to Cost of Goods Sold at the end of the month. During March, the following activity and amounts were recorded by the company: Raw materials (all direct materials): Labour: Inventories: Work in Process inventory contains $5,150 of direct labour cost. What was the March 1 balance in the Raw Materials inventory? $10,500$18,400$6,500$9,500