Schinkel Corporation Has Provided the Following Data Concerning Its Most

question 12

Essay

Schinkel Corporation has provided the following data concerning its most important raw material,compound X87C:
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.
$\begin{array}{llcc} \text { Standard cost, per liter......................................... } &\$46,70 \\ \text { Standard quantity, liters per unit of output ......... } &2.8\\ \text { Cost of material purchased in October, per liter.... } &\$47.10\\ \text { Material purchased in October, liters.................... } &1,600\\ \text {Material used in production in October, liters ....... } &710\\ \text {Actual output in October, units............................ } &300\\\end{array}$

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Definitions:

Management

The process of planning, organizing, leading, and controlling resources to achieve specific goals within an organization.

Protect

To guard or defend something or someone from harm, damage, or potential threats.

Organizational Barriers

Hindrances within a company that prevent effective communication, decision-making, and processes.

Whistle Blowing

Involves an employee or former employee of an organization calling public attention to serious wrongdoing or danger within the organization.