Malloy Corporation has provided the following data concerning its most important raw material, compound I$51$D:

Standard cost $ $30\mathrm{.}50$ per liter

Standard quantity $4\mathrm{.}6$ liters per unit of output

Cost of material purchased in October $ $30\mathrm{.}70$ per liter

Material purchased in October $4,000$ liters

Material used in production in October $3,580$ liters

Actual output in October $800$ units

The raw material was purchased on account.

Required:

Record the purchase of the raw material at standard cost in a journal entry.

Record the use of the raw material in production in a journal entry.