1. Vista Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows. Purchased 16,900 units of raw materials on account at a cost of $3.70 per unit. Standard cost was $3.40 per unit. Issued 16,900 units of raw materials for jobs that required 16,450 standard units of raw materials. Incurred 16,000 actual hours of direct labor at an actual rate of $4.50 per hour. The standard rate is $5.10 per hour. (Credit Factory Wages Payable.) Performed 16,000 hours of direct labor on jobs when standard hours were 16.140. 5. Applied overhead to jobs at the rate of 100% of direct labor cost for standard hours allowed. 2 3. 4. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Accounts Payable 62530 2. Work in Process Inventory 55930 Materials Quantity Variance 1530 Raw Materials Inventory 57460 3. Factory Labor 31600 Labor Price Variance Factory Wages Payable 72000 Work in Process Inventory Labor Quantity Variance Factory Labor 5. Work In Process inventory Manufacturing Overhead a