Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 11-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (lob No. 12) for
Problem 11-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (lob No. 12) for 1,300 units of Product B was received. The standard cost of one unit of Product B is as follows. Direct materials Direct labor Overhead Standard cost per unit $3.90 3 pounds at $1.30 per pound 1.10 hour at $9.00 per hour 2 hours (variable $4.10 per machine hour; fixed $2.90 per machine 9.90 14.00 $27.80 hour) Normal capacity for the month was 4,050 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 1. 2. 3. 4. 5. 6. Purchased 4.420 pounds of raw materials on account at $1.34 per pound. Requisitioned 4,420 pounds of raw materials for Job No. 12 Incurred 1,521 hours of direct labor at a rate ot $8.95 per hour Worked 1.521 hours of direct labor on Job No. 12. Incurred manufacturing overhead on account $19,820. 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 $97 500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started