2 orgensen Corporation uses standard costs with its job order cost accounting system. In lanuary, an order (Job No. 12) Direct materials Direct labor 3 pounds at $1.20 per pound 1.60 hour at $9.00 per hour $3.60 14.40 14.20 $32.20 hours (variable $4.00 per machine hour; fixed $3,10 per machine hour) Overhead Standard cost per unit Normal capacity for the month was 4,410 machine hours. During January, the following transactions applicable to lob No. 12 occurred t. Purchased 3,400 pounds of raw materials on account at $1.26 per pound 2. Requisitioned 3,400 pounds of raw materials for Job No. 12 3. Incurred 1,670 hours of direct labor at a rate of $8.90 per hour 4. Worked 1,670 hours of direct labor on Job No. 12 S. Incurred manufacturing overhead on account $15,580. 6. Applied overhead to Job No. 12 on basis of standard machine hours allowed 7. Completed Job No. 12. 8. Billed customer for 3ob No. 12 at a selling price of $95,000 Dournalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not manually.) Credit Debit No. Account Titles and Explanation ournalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation 3. 1. 5. (To record sales.) To record cost of goods sold.) post to the job order cost accounts. Post entries m the order of ournal entries presented in the previous part.) Factory Labor Materials Price Variance Materials Quantity Varlance Labor Price Varlance Labor Quantity Variance Work in Process Inventory xI Factory Labor Manufacturing Overhead Materials Price Variance Materials Quantity Variance Labor Price Variance Labor Quantity Variance Work in Process Inventory Labor Price Variance Labor Quantity Variance Work in Process Inventory Finished Goods Inventory Cost of Goods Sold SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the entry to recognize th al overhead var ance (creditadudittiies are auton piti al indetermi er amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation LINK TO TEXT LINK TO ttxt LNK to1tx LINK TO TEXT Prepare the January 2020 income statement for management. Assume selling and administrative expenses were $3,600 JORGENSEN CORPORATION ORGENSEN CORPORATION for the Month Ended January 31, 2020 For the Year Ended January 31, 2020 lanuary 31, 2020 Dividends Expenses er Gross Profit (Actual) Gross Profit (at Standard) CALCULATOR PRINTER Va Net Income/ (Loss) JORGENSEN CORPORATION Income Statement Total Expenses Total Revenues Total Variance Variances dy LINKI O TEXT LINK 10 LNK TO TEXT LINK TO TEXT By accessing this Question Assistance, you wil learn whil instructor youarn ports based on he -Otby- o nt inter Question Attempts: 0 of 3 used