Compound Y23Z is used by Overton 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:
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.
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