Compound A39A is used by Ashline Corporation to make one of its products. The standard cost of compound A39A is $32.00 per ounce and the standard quantity is 8.5 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.

Question

Compound A39A is used by Ashline Corporation to make one of its products. The standard cost of compound A39A is $32.00 per ounce and the standard quantity is 8.5 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.

Quizplus · Accepted Answer

The Answer of Compound A39A is used by Ashline Corporation to make one of its products. The standard cost of compound A39A is $32.00 per ounce and the standard quantity is 8.5 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.

Compound A39A Is Used by Ashline Corporation to Make One