Problem 24-06A a-d Splish 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 $3.30 Direct labor 11.00 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 hour) Overhead 15.00 Standard cost per unit $29.30 Normal capacity for the month was 4,060 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 1. 2. 3. 4. Purchased 3,200 pounds of raw materials on account at $1.15 per pound. Requisitioned 3,200 pounds of raw materials for Job No. 12. Incurred 1,150 hours of direct labor at a rate of $9.90 per hour. Worked 1,150 hours of direct labor on Job No. 12. Incurred manufacturing overhead on account $16,600. Applied overhead to Job No. 12 on basis of standard machine hours allowed. Completed Job No. 12. Billed customer for Job No. 12 at a selling price of $95,000. 5. 6. 7. 8. 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 Debit Credit 1. Raw Materials Inventory 3,520 M Materials Price Variance 160 Accounts Payable 3,680 2. Work in Process Inventory 3,300 Materials Quantity Variance 220 Raw Materials Inventory 3,520 3. Factory Labor 11,500 Labor Price Variance 115 Factory Wages Payable 11,385 4. Work in Process Inventory 11,000 Labor Quantity Variance 500 Factory Labor 11,500 5. Manufacturing Overhead 16,600 Accounts Payable 16,600 6. Work in Process Inventory 15,000 Manufacturing Overhead 15,000 7. Finished Goods Inventory 29,300 Work in Process Inventory 29,300 8. Accounts Receivable 95,000 Sales Revenue 95,000 (To record sales.) Cost of Goods Sold 29,300 Finished Goods Inventory 29,300 (To record cost of goods sold.) X Your answer is incorrect. Try again. 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 X Finished Goods Inventory Cost of Goods Sold x Your answer is incorrect. Try again. 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 X Your answer is incorrect. Try again. Prepare the January 2020 income statement for management. Assume selling and administrative expenses were $3,900. SPLISH CORPORATION Income Statement X V bull