Malloy Corporation Has Provided the Following Data Concerning Its Most

Essay

Malloy Corporation has provided the following data concerning its most important raw material, compound I51D:
$$\begin{array} { l r l } \text { Standard cost } & \$ 30.50 & \text { per liter } \\\text { Standard quantity } & 4.6 & \text { liters per unit of output } \\\text { Cost of material purchased in October } & \$ 30.70 & \text { per liter } \\\text { Material purchased in October } & 4,000 & \text { liters } \\\text { Material used in production in October } & 3,580 & \text { liters } \\\text { Actual output in October } & 8 0 0 & \text { units }\end{array}$$
The raw material was purchased on account.
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.