Problem 11-6A orgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (ob No. 12) for 2,000 units of Product B was received. The standard cost of one unit of Product B is as follows. Direct materials Direct labor Overhead 3 pounds at $1.10 per pound 1.70 hour at $8.00 per hour 2 hours (variable $4.40 per machine hour; fixed $2.70 per machine $3.30 13.60 14.20 $31.10 hour) Standard cost per unit Normal capacity for the month was 4,470 machine hours. During January, the following transactions applicable to Job No. 12 occurred 1. Purchased 6,400 pounds of raw materials on account at $1.18 per pound. 2. Requisitioned 6,400 pounds of raw materials for Job No. 12. 3. Incurred 3,480 hours of direct labor at a rate of $7.95 per hour 4. Worked 3,480 hours of direct labor on Job No. 12 5 Incurred manufacturing overhead on account $30,480 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 $180,000 Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. 4. 5. 6. 8 (To record sales.) To record cost of goods sold.) Post to the job order cost accounts. (Post entries in the order of journal entries presented in the previous part.) Raw Materials Inventory Factory Labor Manufacturing Overhead Materials Price Variance Materials Quantity Variance Labor Price Variance Labor Quantity Variance Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Prepare the entry to recognize the total overhead variance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the January 2020 income statement for management. Assume selling and administrative expenses were $2,100 JORGENSEN CORPORATION Income Statement Click if you would like to Show Work for this question: Open Show Worlk