Kingbird Corporation uses standard costs with its job 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 $1.30 per pound $3.90 Direct labor 1.10 hour at $9.00 per hour 9.90 Overhead 2 hours (variable $4.10 per machine hour; fixed $2.90 per machine hour) 14.00 Standard cost per unit. $27.80 Normal capacity for the month was 4,050 machine hours. During January, the following transactions applicable to Job No. 12 occurred 1 Purchased 3,400 pounds of raw materials on account at $1.34 per pound. 2 Requisitioned 3,400 pounds of raw materials for Job No. 12. 3. Incurred 1.170 hours of direct labor at a rate of $8.90 per hour. 4 Worked 1.170 hours of direct labor on Job No. 12 5. Incurred manufacturing overhead on account $15,620. 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 $75,000. (a) 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 Materials Price Variance Accounts Payable 2. Work in Process Inventory Materials Quantity Variance Raw Materials Inventory 3. Factory Labor 4. Labor Price Variance Factory Wages Payable i Work in Process Inventory Labor Quantity Variance Factory Labor 5. Manufacturing Overhead 6. Accounts Payable Work in Process Inventory Manufacturing Overhead 7. Finished Goods Inventory work 8. Accounts Receivable 6. Work in Process Inventory Manufacturing Overhead, 7. Finished Goods Inventory work 8. Accounts Receivable Sales Revenue (To record sales.) Cost of Goods Sold Finished Goods Inventory (To record cost of goods sold.)