Piedmont Paint Company uses a job-order costing system, and the company had two jobs in process at the beginning of the current year. Job JY 65 currently has a cost of \$134,400 assigned to it, and job DC66 currently has a cost of $85,600 assigned to it. The following additional information is available. - The company applies manufacturing overhead on the basis of machine hours. Budgeted overhead and machine activity (based on practical capacity) for the year were $1,344,000 and 16,000 hours, respectively. - The company worked on four jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were as follows: - Manufacturing overhead during the first quarter included charges for depreciation (\$54,400), indirect labor ($96,000), indirect materials used ($8,000), and other factory costs ($223,200). - Piedmont Paint Company completed job JY65 and job DC66. Job DC66 was sold on account, producing a profit of $55,520 for the firm