At the beginning and end of May, Ryerson Company had the following inventory balances Raw materials Finished Goods Work in Process May 1 May 30 $35,000 $49,000 $84,500 $85,000 $23,000 $17,963 During May, $68.000 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 490 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 $8,000 of direct materials cost. The Corporation incurred $44.850 of actual manufacturing overhead cost during the month and applied $45,300 in manufacturing overhead cost The raw materials purchased during May totoled: Multiple Choke $85,037 $68,000 Prey 1 of 9 Next > Multiple Choice $85,037 $68,000 $54,000 6 o $82,000