Essay
Compound C65Z is used by Sinkey Corporation to make one of its products.The standard cost of compound C65Z is $21.10 per ounce and the standard quantity is 2.0 ounces per unit of output.Data concerning the compound in the most recent month appear below: 
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.
Correct Answer:
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a.Materials price variance = AQ × (AP - ...View Answer
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