211-6A Joumalize and post standard cost entries, and prepare income statement 2 3 4 Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,900 units of Product B was received. The standard cost of one unit of Product B is as follows. Direct materials 3 pounds at $1.00 per pound Direct labor 1 hour at $8.00 per hour Overhead $3.00 8.00 2 hours (variable $4.00 per machine hour fixed $2.25 per machine hour) 12.50 Standard cost per unit 12 Normal capacity for 13 transactions applicable to Job No. 12 occurred. 11. Purchased 6,200 pounds of raw materials on account at $1.05 per pound 15 2. Requisitioned 6,200 pounds of raw materials for Job No. 12. 10 3. Incurred 2,000 hours of direct labor at a rate of $7.80 per hour. 17 4. Worked 2,000 hours of direct labor on Job No.12. 1 5. Incurred manufacturing overhead on account $25,000. 10 6. Applied overhead to Job No. 12 on basis of standard machine hour allowed. 20 7. Completed Job No. 12 21 8. Billed customer for Job No. 12 at a selling price of $65,000 the month was 4,200 machine hours. During January, the following 23 Instructions 24 (a) Journalize the transactions 25 (b) Post to the job order cost accounts 2 (C) Prepare the entry to recognize the total overhead variance. 27(d) Prepare the January 2017 income statement for management. Assume selling and nistrative expenses were $2 000 Value Value 3 (a)(1) Account Value Account 34 35 30 Account Value 3 (a)2) Account 30 AccountValue Value Account 41 42 43 (a)(3) Account Value Account Account Value Value 40 4 (a)(4) Account Account Value Value 40 Value Account 50 62 Value (a)(5) Account Value Account 80 Value (a)(6)Account 50 Value Account e0 Value 01 (a)7) Account Value Account Value 05 (a)(8 Account Value Account Value Account Value Account Work in Process Inventory Price Variance Raw Materials Inventoryeals F Value Value Value Value Value 74 (b) Value Value Finished Goods Invent Materials Quantity Variance Factory Labor valueValue Value Cost of Goods Sold Labor Price Variance Manufacturing Overhead Value Value Value