On January 1, there were two jobs in process, no. 200 and no. 300. The following costs were applied to these jobs in the prior year:

	Job No.
	200	300
Direct material	$ 5,000	$ 8,000
Direct labor	4,000	3,000
Overhead	4,400	3,300
Total	$13,400	$14,300

During January, the following transactions took place:

*	Raw material costing $40,000 was purchased on account.
*	Jobs #424, #525 and #626 were started and the following costs were applied to them:

	JOB
	424	525	626
Direct materials	$3,000	$10,000	$7,000
Direct labor	5,000	6,000	4,000

*	Job #200 and Job #300 were completed after incurring additional direct labor costs of $2,000 and $4,000, respectively
*	Wages paid to production employees during January totaled $25,000.
*	Depreciation for the month of January totaled $10,000.
*	Utilities bills in the amount of $10,000 were paid for operations during December.
*	Utilities bills totaling $12,000 were received for January operations.
*	Supplies costing $2,000 were used.
*	Miscellaneous overhead expenses totaled $24,000 for January.

Actual overhead is applied to individual jobs at the end of each month using a rate based on actual direct labor costs.

Required:

1	Determine the January overhead rate.

2	Determine the cost of each job.

3	Prepare a statement of cost of goods manufactured.