Malloy Corporation Has Provided the Following Data Concerning Its Most

question 91

Essay

Malloy Corporation has provided the following data concerning its most important raw material,compound I51D:
. $$\begin{array} { | l | r | } \hline \text { Standard cost, per liter } & \$ 30.50 \\\hline \text { Standard quantity, liters per unit of output } & 4.6 \\\hline \text { Cost of material purchased in October, per liter } & \$ 30.70 \\\hline \text { Material purchased in October, liters } & 4,000 \\\hline \text { Material used in production in October, liters } & 3,580 \\\hline \text { Actual output in October, units } & 800 \\\hline\end{array}$$ 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

---

Definitions:

Asbestos

A group of naturally occurring mineral fibers used in building materials that are hazardous to health when inhaled.

Vehicle Emission Standards

Regulations set by governments to limit the amount of pollutants vehicles can emit, aimed at reducing air pollution and promoting public health.

EPA

The Environmental Protection Agency, a federal agency tasked with protecting human health and the environment through regulations and oversight.

Manufacturers

Companies or individuals that produce goods on a large scale using machinery, labor, and innovative processes, often within specific industries.