Info for Quantos Company:	Job 306	Job 307	Job 308
Work-in-process inventory, December 31, 2014
Materials	$ 30,000	$ 15,000
Labor	45,000	30,000
Overhead	67,500	45,000
Costs added during January 2015
Materials	7,500	30,000	30,000
Labor	30,000	30,000	60,000
Overhead	-	-	-
	$ 180,000	$ 150,000	$ 90,000
Overhead is applied using a predetermined overhead rate with direct labor costs as the cost driver.
Actual overhead costs incurred in January amounted to $172,500.
Jobs 306 and 307 were completed and transferred out in January.
Job 306 was sold for $375,000; and selling and administrative costs totaled $87,000.
Prepare a schedule of cost of goods manufactured and an income statement.