7. Elway, Inc. uses a Job Cost accounting system and has the following June 2021 inventory data: June 1, 2021 Raw materials inventory June 30, 2021 $640,000 $790,000 During June 2021, raw materials were purchased on account for $400,000. Indirect materials used in the factory cost $60,000, and Direct Materials (DM) were used to complete jobs during June. a) Prepare the Journal Entry to record Elway's raw materials purchase during June 2021. b) Prepare the Journal Entry (or entries) to record Elway's direct and indirect materials used during June 2021