The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work in process inventory $0 Raw materials inventory $28,000 Finished goods inventory $40,000 Additional data: 1. Actual manufacturing overhead for January amounted to $62,000. 2. Total direct labor cost for January was $63,000. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000. 5. Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,000. 7. Finished goods inventory balance on January 31 was $34,500. What is the work in process inventory balance on January 31?