Schinkel Corporation Has Provided the Following Data Concerning Its Most

Essay

Schinkel Corporation has provided the following data concerning its most important raw material,compound X87C:
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.
$\begin{array}{llcc} \text { Standard cost, per liter......................................... } &\$46,70 \\ \text { Standard quantity, liters per unit of output ......... } &2.8\\ \text { Cost of material purchased in October, per liter.... } &\$47.10\\ \text { Material purchased in October, liters.................... } &1,600\\ \text {Material used in production in October, liters ....... } &710\\ \text {Actual output in October, units............................ } &300\\\end{array}$