*P12.49A LO 2. 3. 4. 5) Fayman Manufacturing Company uses standard costs with its job-order cost accounting system. In January, an order (Job 84) was received for 5,500 units of product D. The standard cost of one unit of product Dis as follows: Excel Journalize and post standard cost entrios, and prepare an income statement Direct materials -1.4 kg at $4 per kilogram $ 5.60 Direct labour-1 hour at $9 per hour 9.00 Overhead-1 hour (variable $7.40; fixed $8.00) 15.40 Standard cost per unit $30.00 Overhead is applied based on direct labour hours Normal capacity for the month of January was 6,000 direct labour hours. During January, the following transactions applicable to Job No. 84 occurred 1. Purchased 8.200 kg of raw materials on account at $3.60 per kilogram 2. Requisitioned 8,200 kg of raw materials for production 3. Incurred 5,200 hours of direct labour at $9.25 per hour 4. Worked 5,200 hours of direct labour on Job No. 84 5. Incurred $85,780 of manufacturing overhead on account 6. Applied overhead to Job No. 84 based on the directbour hours. 7. Transferred Job No. 8A to finished goods 8. Billed customer for Job No 84 at a selling price of $280,000 9. Incurred seling and administrative expenses of $65,000 on account Instructions a. Journalize the transactions, b. Post to the job-order cost accounts. c. Prepare the ontry to recognize the overhead Variances d. Prepare the income statement for management for January 2020. NI = $51,620