Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an...
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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 unit of Product B was received. The standard cost of one unit of Product B is as follows. Nocmal 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 1,240hours of direct labor at a rate of 58,90 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 7. Completed Job No, 12 . B. Billed customer for Job No. 12 at a selling price of $90.000. Post to the job order cost accounts. (Post entries in the order of journal entries presented in the previous part.) Labor Price Variance Labor Quantity Variance Work in Process Inventory Finished Goods Inventory Cost of Goods Sold
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