Compound Y23Z is used by Carrington 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: Cost of material purchased in November, per ounce Material purchased in November, ounces Material used in production in November, ounces Actual output in November, units The raw material was purchased on account. $ 39.20 2,800 2,360 500 Required: a. Record the purchase of the raw material at standard cost in a journal entry. b. Record the use of the raw material in production in a journal entry.
Compound Y23Z is used by Carrington 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: Cost of material purchased in November, per ounce Material purchased in November, ounces Material used in production in November, ounces Actual output in November, units The raw material was purchased on account. $ 39.20 2,800 2,360 500 Required: a. Record the purchase of the raw material at standard cost in a journal entry. b. Record the use of the raw material in production in a journal entry.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Compound Y23Z is used by Carrington 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:
Cost of material purchased in November, per
ounce
Material purchased in November, ounces.
Material used in production in November,
ounces
Actual output in November, units
The raw material was purchased on account.
$ 39.20
2,800
2,360
500
Required:
a. Record the purchase of the raw material at standard cost in a journal entry.
b. Record the use of the raw material in production in a journal entry.
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