Tyre Corporation had the following inventory balances at the beginning and end of May May 1 Raw materials $25,500 $30,000 Finished Goode Mork in Process $75,000 $13,500 $66,000 $16,500 During May, $58,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overheed rate was $12 per direct labor hour, and it paid its direct labor workers $15 per hour. A total of 300 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 $7.050 of direct materials cost. The Corporation incurred $42,000 of actual manufacturing overhead cost during the month and applied $39,600 in manufacturing overhead cost The raw materials purchased during May totaled Murple Choice O O $54,000 $62500 $63,000 $58.500