Tyare Corporation had the following inventory balances at the beginning and end of May: Raw materials Finished Goods Work in Process May 1 $29,500 $79,000 $17,500 May 30 $38,000 $ 74,000 $17,116 During May, $62,500 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 380 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 $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The raw materials purchased during May totaled: Help Save & Exit Submit Multiple Choice $71,000 $74,884 $62,500 $54,000