PLEASE DO PART B Problem 23-6A (Part Level Submission) Jorgensen Corporation use

Question

PLEASE DO PART B

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 1,500 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 Normal capacity for the month was 4,180 machine hours. During January, 1. Purchased 5,100 pounds of raw materials on account at $1.35 per pound 2. Requisitioned 5,100 pounds of raw materials for Job No. 12 3 pounds at $1.30 per pound 1.60 hour at $8.00 per hour 2 hours (variable $4.10 per machine hour; fixed $3.30 per machine $3.90 12.80 14.80 $31.50 hour) the following transactions applicable to Job No. 12 occurred. Incurred 2,505 hours of direct labor at a rate of $7.90 per hour. 4. Worked 2,505 hours of direct labor on Job No. 12. Incurred manufacturing overhead on account $23,550 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 $135,000.

Explanation / Answer

Raw Materials Inventory Materials Price Variance Work in Process Inventory (1) 6630 (2) 6630 (1) 255 (2) 5850 (7) 47250 (4) 19200 (6) 22200 Factory Labor Materials Quantity Variance Finished Goods Inventory (3) 20040 (4) 20040 (2) 780 (7) 47250 (8) 47250 Manufacturing Overhead Labor Price Variance Cost of Goods Sold (5) 23550 (6) 22200 (3) 251 (8) 47250 Labor Quantity Variance (4) 840

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