Sheridan 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. Normal capacity for the month was 4,490 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 1. Purchased 3,200 pounds of raw materials on account at $1.35 per pound. 2. Requisitioned 3,200 pounds of raw materials for Job No. 12. 3. Incurred 1,240 hours of direct labor at a rate of $8.90 per hour. 4. Worked 1,240 hours of direct labor on Job No. 12. 5. Incurred manufacturing overhead on account $17,290. 6. Applied overhead to Job No. 12 on basis of standard machine hours allowed. No. Account Titles and Explanation Credit 1. Raw Materials inventory Materials Price Variance 2. Workin Process Inventory Materials Quantity Variance Raw Materials inventory 3. Factory Labor 4. Workin Processitwentory Labor Quantity Variance 2592 Factory Laber 5. Manutacturing Oyerhead Accounts Payable 6. Workin Process inventory 7. Finished Goods inventory. Workin Process Inventory 8. Accounts Recelvable Sales Revenue