For the year ended December 31, 2022, the job cost sheets of Waterway Company contained the following data. Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Total Costs 7640 Balance 1/1 $31,250 $30,000 $36,000 $97,250 Current year's costs 37,500 45,000 54,000 136,500 7641 Balance 1/1 13,750 22,500 27,000 63,250 Current year's costs 53,750 60,000 72,000 185,750 7642 Current year's costs 72,500 68,750 82,500 223,750 Other data: 1. Raw materials inventory totaled $18,750 on January 1. During the year, $175,000 of raw materials were purchased on account. Factory labor incurred was $196,250. 2. Finished goods on January 1 consisted of Job No. 7638 for $108,750 and Job No. 7639 for $115,000. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold. 5. 6. Manufacturing overhead incurred on account totaled $150,000. Other manufacturing overhead consisted of indirect materials $17,500, indirect labor $22,500, and depreciation on factory machinery $10,000.