Question: Need help with this problem. Malloy Corporation has provided the following data concerning its most important raw material, compound 151D: Standard cost $ 30.50 per

Need help with this problem.

Malloy Corporation has provided the following data concerning its most important raw material, compound 151D: Standard cost $ 30.50 per liter Standard quantity liters per unit of 4.6 output Cost of material purchased in $ 30.70 per liter October Material purchased in October 4,000 liters Material used in production in 3, 580 liters October Actual output in October 800 units The raw material was purchased on account. Required: a. Record the purchase of the raw material at standard cost in a journal entry. b. Record the use of the raw material in production in a journal entry

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