Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $30,500 $40,000 Finished Goods $80,000 $76,000 Work in Process $18,500 $17,270 During May, $63,500 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 400 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 $7,550 of direct materials cost. The Corporation incurred $43,500 of actual manufacturing overhead cost during the month and applied $42,600 in manufacturing overhead cost. The raw materials purchased during May totaled: $54.000 O $63,500 O $73,000 $76,730