Compound Y23Z Is Used by Overton Corporation to Make One

question 127

Essay

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

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.

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Definitions:

Recruiting Methods

Various strategies and processes employed by organizations to attract and hire suitable candidates for job vacancies.

Quality Of Applicants

The caliber of candidates applying for a position, often evaluated based on their skills, experience, and suitability for the role.

Predicting

The act of making informed guesses about future events or outcomes based on current data or trends.

Perform Tasks

Refers to the execution of duties or activities assigned to an individual or team in a workplace or project setting.