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Journalize the transactions Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,900 units
Journalize the transactions
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 4,390 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 1. Purchased 6,460 pounds of raw materials on account at $1.35 per pound. 2. Requisitioned 6,460 pounds of raw materials for Job No. 12. 3. Incurred 2,945 hours of direct labor at a rate of $7.95 per hour. 4. Worked 2,945 hours of direct labor on Job No. 12. 5. Incurred manufacturing overhead on account $27,100. 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 $180,500Step by Step Solution
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