The Following Account Balances at the Beginning of January Were

Multiple Choice

The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: 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?"

A) $ 7,280
B) $ 22,914
C) $ 26,480
D) $ 50,914