Jorgensen Corporation uses standard costs with its job order cost accounting sys

Question

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.

Normal capacity for the month was 4,020 machine hours. During January, the following transactions applicable to Job No. 12 occurred.

Billed customer for Job No. 12 at a selling price of $85,000.

Post to the job order cost accounts. (Round answers to the nearest whole dollar, e.g. 5,275. Post entries in the order of journal entries presented in the previous part.)

Raw Materials Inventory

Factory Labor

Manufacturing Overhead

Materials Price Variance

Materials Quantity Variance

Labor Price Variance

Labor Quantity Variance

Work in Process Inventory

Finished Goods Inventory

Cost of Goods Sold

Part C : Prepare the entry to recognize the total overhead variance

Direct materials 3 pounds at $1.30 per pound $3.90 Direct labor 1.80 hour at $10.00 per hour 18.00 Overhead 2 hours (variable $4.40 per machine hour; fixed $3.40 per machine hour) 15.60 Standard cost per unit $37.50 apter 11 ? Secure l https://edugen.wileyplus.com/edugen/ti/manuni Weygandt, Managerial Accounting, 7e BACK ENT RESOURCES 11 Homework:Pest to the job order cost accounts. (Round answers to the nearest whole dollan, ag. 5,275. Post entries in the onder of journal entries presented in the previous part.) Raw Materials I Factory Labor Materials Price Variance Score Labor Price Variance Labor Quanbity Variano Wark in Process Inventory Finished Goods Inventory Cost of Goods Sol Attempts: S of 10 used SAVE FOR LATSSURNIY ANSTWES P (c) 8:16PM

Explanation / Answer

Part C:

Entry to record manufacturing overhead variance:

Account Title Debit Credit Manufacturing overhead variance 1,250 Manufacturing Overhead 1,250

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