Problem 11-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost...
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Accounting
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. 3 pounds at $1.30 per pound 1.80 hour at $10.00 per hour 2 hours (variable $4.40 per machine hour; fixed $3.40 per machine $3.90 18.00 15.60 $37.50 Direct materials Direct labor Overhead Standard cost per unit Normal capacity for the month was 4,020 machine hours. During January, the following transactions applicable to Job No. 12 occurred. hour) 1. Purchased 3,400 pounds of raw materials on account at $1.38 per pound. 2. Requisitioned 3,400 pounds of raw materials for Job No. 12. 3. Incurred 1,860 hours of direct labor at a rate of $9.95 per hour. 4. Worked 1,860 hours of direct labor on Job No. 12 5. Incurred manufacturing overhead on account $16,850 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 $85,000
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