XYZ Company recorded the following information related to their inventory accounts for March: March 1 March 31 Direct materials inventory $23,000 $17,000 Work in process inventory $38,000 ? Finished goods inventory $47,000 $68,000 XYZ Company's accounting records for March provided the following information: Direct materials purchased ............ $19,000 Selling & administrative expenses ..... $28,000 Applied overhead ...................... $24,000 Sales revenue ......................... $96,000 Direct labor .......................... $20,000 Net income ............................ $31,000 During March, the actual overhead was equal to the applied overhead. Thus, there was no overhead variance in March. Calculate the work in process inventory balance at March 31.