Current Attempt in Progress Whispering Corporation uses standard costs with itsjob 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. Direct materials 3 pounds at $1.00 per pound $3.00 Direct labor 1.90 hour at $10.00 per hour 19.00 Overhead 2 hours (variable $4.20 per machine hour; xed $3.40 per machine hour) 15.20 Standard cost per unit $37.20 Normal capacity for the month was 4,070 machine hours. During January, the following transactions applicable to Job No.12 occurred. 1. Purchased 3,100 pounds of raw materials on account at $1.05 per pound. 2. Requisitioned 3,100 pounds of raw materials for Job No.12. 3. Incurred 1,950 hours of direct labor at a rate of $9.90 per hour. 4. Worked 1,950 hours of direct labor on Job No. 12. 5. Incurred manufacturing overhead on account $16,780. 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 $80,000. Your answer is correct. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1 Raw Materials Inventory 3100 Materials Price Variance 155 Accounts Payable 3255 2. Work in Process Inventory 3000 Materials Quantity Variance 100 Raw Materials Inventory 3100 3 Factory Labor 19500 Labor Price Variance 195 Factory Wages Payable 19305 Work in Process Inventory 19000 Labor Quantity Variance 500 Factory Labor 19500 5 Manufacturing Overhead 16780 Accounts Payable 16780 Work in Process Inventory 15200 Manufacturing Overhead 15200 7 Finished Goods Inventory 37200 Work in Process Inventory 37200 Accounts Receivable 80000 Sales Revenue 80000 (To record sales.) Cost of Goods Sold 37200 Finished Goods Inventory 37200 [To record cost of goods sold.)(b) Your Answer Correct Answer (Used) Your answer is correct. Post to the job order cost accounts. (Post entries in the order of journal entries presented in the previous part.) Raw Materials Inventory (1) V 3100 (2) 3100 Factory Labor (3) V 19500 (4) V 19500 Manufacturing Overhead (5) 16780 (6) V 15200 Materials Price Variance (1) 155 Materials Quantity Variance (2) V 100 V Labor Price Variance VI (3) V 195 Labor Quantity Variance 14) V 500 V Work in Process Inventory (2) 3000 (7) V 37200 (4) 19000 (6) 15200 Finished Goods Inventory (7) V 37200 (8) V 37200 Cost of Goods Sold [B) V 37200 eTextbook and Media(c) Prepare the entry to recognize the total overhead variance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit