Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order...

 

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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 Standard cost per unit 1. Purchased 3,100 pounds of raw materials on account at $1.44 per pound. 2. Requisitioned 3,100 pounds of raw materials for Job No. 12. Incurred 1,580 hours of direct labor at a rate of $8.90 per hour. Worked 1,580 hours of direct labor on Job No. 12. Incurred manufacturing overhead on account $17,090. 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 $80,000. 3. 4. Normal capacity for the month was 4.500 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 5. 6. 3 pounds at $1.40 per pound 1.50 hour at $9.00 per hour 2 hours (variable $4.40 per machine hour; fixed $3.30 per machine hour) 7. 8. $4.20 13.50 15.40 $33.10 (a) - Your answer is partially correct. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3. 4. 5. 6. Raw Materials Inventory Materials Price Variance Accounts Payable Work in Process Inventory Materials Quantity Variance Raw Materials Inventory Factory Labor Labor Price Variance Factory Wages Payable Work in Process Inventory Labor Quantity Variance Factory Labor Manufacturing Overhead Accounts Payable Work in Process Inventory Manufacturing Overhead Debit 4464 4464 14220 14220 17090 15400 Credit TOUTANQUOTUL 4464 4464 14062 14220 17090 15400 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 Standard cost per unit 1. Purchased 3,100 pounds of raw materials on account at $1.44 per pound. 2. Requisitioned 3,100 pounds of raw materials for Job No. 12. Incurred 1,580 hours of direct labor at a rate of $8.90 per hour. Worked 1,580 hours of direct labor on Job No. 12. Incurred manufacturing overhead on account $17,090. 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 $80,000. 3. 4. Normal capacity for the month was 4.500 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 5. 6. 3 pounds at $1.40 per pound 1.50 hour at $9.00 per hour 2 hours (variable $4.40 per machine hour; fixed $3.30 per machine hour) 7. 8. $4.20 13.50 15.40 $33.10 (a) - Your answer is partially correct. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3. 4. 5. 6. Raw Materials Inventory Materials Price Variance Accounts Payable Work in Process Inventory Materials Quantity Variance Raw Materials Inventory Factory Labor Labor Price Variance Factory Wages Payable Work in Process Inventory Labor Quantity Variance Factory Labor Manufacturing Overhead Accounts Payable Work in Process Inventory Manufacturing Overhead Debit 4464 4464 14220 14220 17090 15400 Credit TOUTANQUOTUL 4464 4464 14062 14220 17090 15400

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Journalize the transactions Date Account Title Debit Credit 1 Raw Materials3100140 ... View the full answer