On January 1, 20X7, Laut Company’s work-in-progress account had a balance of $36,000. During the year, direct materials costing $70,000 were placed into production. Direct labour cost for the year was $120,000. The predetermined overhead rate for the year was set at 150% of direct labour cost. Actual overhead costs for the year totalled $180,000. Jobs costing $380,000 to manufacture (according to their job sheets) were completed during the year. What would the balance in the work-in-progress inventory account be on December 31, 20X7?