2. Requisitioned 3,300 pounds of raw materials for Job No. 12. 3. Incurred 1,280 hours of direct labor at a rate of $7.90 per hour. 4. Worked 1,280 hours of direct labor on Job No. 12. 5. Incurred manufacturing overhead on account $15,240. 6. Applied overhead to Job No, 12 on basis of standard machine hours allowed. 7. Completed Job No. 12. 8. Billed customer for Job No. 12 at a selling price of $85,000 Raw Materials Inventory (1) : (2) : Factory Labor (3) (4) : Manufacturing Overhead (5) : (6) : Materials Price Variance (1) (2) : Materials Quantity Variance (2) : (3) * Labor Price Variance Labor Quantity Variance (6) Work in Process Inventory (2) (1) 4] (2) (3) ] (5) itory (7) (8) Cost of Goods Sold (2) No. Account Titles and Explanation 1. Raw Materials inventory Debit Credit Moterlals Price Variance 3300 Acoounts Piryable 198 2. Workin Process tiwentary Materials Quantity Varlance Raw Materals fiveintory 3. Esctorytabor Labor Price Variance Fuctory Wages Poyatiln 4. Werkin Process linventary Makentais Price variance (1) * (2) : Materials Quantity Variance (2) (3) Labor Price Variance (6) : (3) Labor Quantity Variance (4) : (6) Work in Process Inventory (1) * (2) 4 (1) : (1) : (1) * (1) * Finished Goods Inventory 3. Factory labor 10240 Labor Price Vartance Factory Waces Pryable 128 4. Workin Process inventory 10112 Labor Quantity Variance. Factory Labor 5. Manufacturing Overhead Accounts Payable 6. Work in Process inventory 13800 Mawntacturime Overtiead 7. Finished Goods inventory Labor Quantity Variance (4) : (6) Work in Process Inventory (1) * (2) * (1) * (1) (1) * (1) : Finished Goods Inventory (7) : (8) : Cost of Goods Sold (8) (2) 6. Work in Processinventory Manufacturing Overhead 7. Finished Goods irventory 1.27/4 Work in Process liventory 8. Accounts Receivable Sales Reverive (To recordsales.) Cost of Goods sold Finished Goods Imventory (To record cost of goods sold.) Crane Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1.000 units of Product B was received. The standard cost of one unit of Product B is as follows. Normal capacity for the menth was 4,300 machine hours, During January, the following transactions applicable to Job No. 12 accurred. 1. Purchased 3,300 pounds of raw materials on account at $1.06 per pound: 2. Requisitioned 3,300 pounds of raw materials for Job No. 12 3. Incurred 1.280 hours of direct labor at a rate of $7.90 per hour. 4. Worked 1,280 hours of direct labor on Job Na. 12. 5. Incurred manufacturing overhead on account $15,240. 6. Applied overhead to Job Na: 12 on basis of standard machine hours allowed