Compound Y23Z is used by Mcfadin Corporation to make one of its products.The standard cost of compound Y23Z is $38.70 per ounce and the standard quantity is 4.6 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 Y23Z is used by Mcfadin Corporation to make one of its products.The standard cost of compound Y23Z is $38.70 per ounce and the standard quantity is 4.6 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 Y23Z is used by Mcfadin Corporation to make one of its products.The standard cost of compound Y23Z is $38.70 per ounce and the standard quantity is 4.6 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 Y23Z Is Used by Mcfadin Corporation to Make One