Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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. Normal capacity for the month was 4,200 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 1. Purchased 6,200 pounds of raw materials on account at $1.05 per pound. 2. Requisitioned 6,200 pounds of raw materials for Job No. 12. 3. Incurred 2,000 hours of direct labor at a rate of $7.80 per hour. 4. Worked 2,000 hours of direct labor on Job No. 12. 5. Incurred manufacturing overhead on account $25,000. 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 $65,000. (a) Your answer is partially correct. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) the previous part.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started