Compound C65Z is used by Sinkey Corporation to make one of its products. The standard cost of compound C65Z is $21.10 per ounce and the standard quantity is 2.0 ounces 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.
Definitions:
Factory Overhead
Indirect costs associated with manufacturing, including utilities, maintenance, and salaries of supervisors, not directly involved in production.
Adjusting Journal Entry
A journal entry made at the end of an accounting period to record unrecorded income and expenses so that the financial statements are accurate.
Overapplied Overhead
A situation where the allocated manufacturing overhead cost is more than the actual overhead incurred.
Underapplied Overhead
An instance in which the budgeted manufacturing overhead expenses fall short of the real overhead costs experienced.
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