Part I. Jocarro Company has a job costing system. The following items appeared in the Work-in-Process account during February 2011: February 1, 2011, balance $20,000 Materials placed into production |? Direct labor (4,000 hours) $120,000 Factory overhead applied $96,000 $400,000 Cost of goods manufactured February 28, 2011, balance $16,000 Jocarro applies overhead to production on the basis of direct labor hours. Job XX, the only job in process on February 28, has been charged $10,600 materials cost and has 100 labor hours of direct labor time assigned to it.