Cheyenne Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 units of Product B was received. The standard cost of one unit of Product B is as follows.

Problem 24-06A a-d Cheyenne Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 2,000 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 $3.00 Direct labor 1.30 hour at $8.00 per hour 10.40 Overhead 2 hours (variable $4.40 per machine hour; fixed $3.30 per machine 15.40 hour) Standard cost per unit $28.80 Normal capacity for the month was 4,160 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 1. Purchased 6,800 pounds of raw materials on account at $1.07 per pound. 2. Requisitioned 6,800 pounds of raw materials for Job No. 12. 3. Incurred 2,580 hours of direct labor at a rate of $7.95 per hour. Worked 2,680 hours of direct labor on Job No. 12, Incurred manufacturing overhead on account $32,220. 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 $190,000. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. 5. 6. 7. 8. (To record sales.) (To record cost of goods sold.) Post to the job order cost accounts. (Post entries in the order of journal entries presented in the previous part.) Raw Materials Inventory Factory Labor