Compound Y23Z Is Used by Carrington Corporation to Make One

Essay

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:
$$\begin{array} { | l | r | } \hline \text { Cost of material purchased in November, per } & \$ 39.20 \\\text { ounce } & \\\hline \text { Material purchased in November, ounces } & 2,800 \\\hline \text { Material used in production in Novernber, ounces } & 2,360 \\\hline \text { Actual output in November, units } &500 \\\hline\end{array}$$ 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.