ok t nces Malloy Corporation has provided the following data concerning its most important raw material,...

Transcribed Image Text:

ok t nces Malloy Corporation has provided the following data concerning its most important raw material, compound 151D: Standard cost Standard quantity Cost of material purchased in October Material purchased in October Material used in production in October Actual output in October The raw material was purchased on account. Required: $ 30.50 per liter 4.6 liters per unit of output per liter $ 30.70 4,000 liters liters 3,580 800 units 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. ok t nces Malloy Corporation has provided the following data concerning its most important raw material, compound 151D: Standard cost Standard quantity Cost of material purchased in October Material purchased in October Material used in production in October Actual output in October The raw material was purchased on account. Required: $ 30.50 per liter 4.6 liters per unit of output per liter $ 30.70 4,000 liters liters 3,580 800 units 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.

Answer rating: 100% (QA)

a Record the purchase of the raw material at standard cost in a jour... View the full answer