Problem 23-6A (Part Level Submission) Jorgensen Corporation uses standard costs with its job order cost...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Problem 23-6A (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. Direct materials 3 pounds at $1.00 per pound $3.00 Direct labor 1.50 hour at $10.00 per hour 15.00 Overhead 2 hours (variable $4.30 per machine hour; fixed $3.30 per machine 15.20 hour) Standard cost per unit $33.20 Normal capacity for the month was 4,030 machine hours. During January, the following transactions applicable to Job No. 12 occurred. 1. Purchased 3,100 pounds of raw materials on account at $1.06 per pound. 2. Requisitioned 3,100 pounds of raw materials for Job No. 12. 3. Incurred 1,580 hours of direct labor at a rate of $9.90 per hour. 4. Worked 1,580 hours of direct labor on Job No. 12. 5. Incurred manufacturing overhead on account $16,670. 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 $75,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
