Compound C65Z is used by Sinkey Corporation to make one of its products. The standard cost of compound C65Z is $21.10 per ounce and the standard quantity is 2.0 ounces per unit of output. Data concerning the compound in the most recent month appear below: The raw material was purchased on account.
Required:
a. Record the purchase of the raw material in a journal entry.
b. Record the use of the raw material in production in a journal entry.

Question

Compound C65Z is used by Sinkey Corporation to make one of its products. The standard cost of compound C65Z is $21.10 per ounce and the standard quantity is 2.0 ounces per unit of output. Data concerning the compound in the most recent month appear below:  The raw material was purchased on account.
Required:
a. Record the purchase of the raw material in a journal entry.
b. Record the use of the raw material in production in a journal entry.

Quizplus · Accepted Answer

The Answer of Compound C65Z is used by Sinkey Corporation to make one of its products. The standard cost of compound C65Z is $21.10 per ounce and the standard quantity is 2.0 ounces per unit of output. Data concerning the compound in the most recent month appear below:  The raw material was purchased on account.
Required:
a. Record the purchase of the raw material in a journal entry.
b. Record the use of the raw material in production in a journal entry.

Compound C65Z Is Used by Sinkey Corporation to Make One