Kilo Company Has a Job-Costing System Kilo Applies Overhead to Production on the Basis of Direct

question 176

Essay

Kilo Company has a job-costing system. The following items appeared in the Work-in-Process Inventory account during January of the current year: $\begin{array}{lr}\text { January } 1 \text { balance } & \$ 20,000 \\\text { Materials placed into production } & ? \\\text { Direct labour (4,000 hours) } & \$ 120,000 \\\text { Manufacturing ov erhead applied } & \$ 96,000 \\\text { Cost of goods manufactured } & \$ 400,000 \\\text { January 31 balance } & \$ 16,000\end{array}$ Kilo applies overhead to production on the basis of direct labour hours. Job XX, the only job in process on January 31, has been charged $10,600 materials cost and has 100 labour hours of direct labour time assigned to it.
Required:
A. Determine the predetermined manufacturing overhead rate for Kilo Company.
B. Determine the amounts of materials, direct labour, and manufacturing overhead included in the January 31 Work-in-Process Inventory.
C. Determine the amount of materials placed into production during January.

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Definitions:

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Held or accumulated in a storage space or medium.

Wholesome Effect

Enhancing or promoting a positive, healthy, or morally good impact or outcome.