Pharoah Manufacturing uses a job-order cost system and applies overhead to production on the basis of direct labour costs. On January 1, 2022, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $30,600, direct labour $15,000, and manufacturing overhead $20,600. As at January 1, Job No. 49 had been completed at a cost of $120,200 and was part of finished goods inventory. There was a $25,400 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah Manufacturing began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $152,000 and $198,500, respectively. The following additional events occurred during the month: