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Vaghn Corporation uses standard costs withits job order cont accounting system. in January, an order Uob No, 12 for for 1,000 unats of Froduct E was recelwed. The standard cent at one unit af Product 8 is as follown Normal capacity for the month was A.200 machine houn, During January the following transactions applicable to Job No, 12 occurred. 1. Purchaved 3.300 pounds po rawmaterials on account at $1.06 per pound, 2. Requistoned 3300 pounds of raNmaterials for lob No. 12 3. Incurred 1.280 hours of direct labor at a rate of $7.90 per bour. 4. Worked 1,280 hours at direct latior on Job No.12. 5. Incurred manufacturing overhead on account 515,240 . 6. Applied overthead to Job No. 12 on basis of atandard machine hours allowed: 7. Comploted JobNo. 12 B. Bulied austomer for Job No, 12 at a sellinit orice of 585,000 . No. Account Titles and Explanation Debit Credit 1. Materials Price Variance Accounts Payable 2. Woikingfocess liventory Materiah quantity Variance Rrw Materialsimventory 3. Factory Labor Labor Peice Varlance Factory Waser Payable 4. Warkin Processinventory Libor Quantity Variance (.) Factory Labor 5. Manufacturing Overhead Accounts Payable 6. Workin Process inventory Manufacturing Overhead 7. Finished Goods loventory Wockin Processinventory 8. Accounts Recelvable Sates Revende (Torecord sales.) Cost of Goods Fold Finished Goods inventory (To record cost of goods sold.)