Problem 11-6A (Part Level Submission) Jorgensen 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 Direct labor Overhead 3 pounds at $1.10 per pound 1.10 hour at $10.00 per hour 2 hours (variable $4.30 per machine hour; fixed $3.20 per machine $3.30 11.00 15.00 $29.30 hour) Standard cost per unit Normal capacity for the month was 4,060 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 1. Purchased 3,200 pounds of raw materials on account at $1.15 per pound. 2. Requisitioned 3,200 pounds of raw materials for Job No. 12. 3. Incurred 1,150 hours of direct labor at a rate of $9.90 per hour 4. Worked 1,150 hours of direct labor on Job No. 12 5. Incurred manufacturing overhead on account $16,600 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 $95,000 Your answer is correct. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Ra Materials Inventory Debit Credit 3520 Materials Price Variance 160 Accounts Payable 3680 2. Work in Process Inventory 3300 Materials Quantity Variance 220 Raw Materials Inventory 3520 3. Factory Labor 11500 Labor Price Variance 115 Factory Wages Payable 11385 4. Work in Process Inventory 11000 Labor Quantity Variance 500 Factory Labor 11500 S. Manufacturing Overhead 16600 Accounts Payable 16600 6. Work in Process Inventory 15000 Manufacturing Overhead 15000 7. Finished Goods Inventory 29300 Work in Process Inventory 29300 8. Accounts Receivable 95000 95000 Sales Revenue (To record sales.) Cost of Goods Sold 29300 Finished Goods Inventory 29300 (To record cost of goods sold.) Click if you would like to Show Work for this question: Open Show Work 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 Click if you would like to Show Work for this