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:
Nominal Damages
Small monetary compensation awarded by a court where a legal wrong occurred, but no substantial harm was suffered.
Specific Performance
A legal remedy where the court orders a party to perform their obligations under a contract, rather than paying damages.
Liquidated Damages
A predetermined amount of money that must be paid as damages for failure to perform under a contract.
Reliance Damages
Compensation awarded for losses suffered as a result of relying on a promise or agreement, even if a contract was never formalized.
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