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:
Corresponding P-Value
The probability of obtaining a test statistic at least as extreme as the one that was actually observed, assuming that the null hypothesis is true.
Null Hypothesis
A hypothesis that suggests there is no statistical significance between the two variables being studied or no effect of a treatment.
Plus Four Estimate
A technique in estimating a binomial proportion and its confidence interval by adding four observations, two of which are successes and two are failures.
Population Proportion
The fraction or percentage of a population that exhibits a specific attribute or characteristic.
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