Chapter 3 Exercises Saved Larned Corporation recorded the following transactions for the just completed month. 20 points a. $87,000 in raw materials were purchased on account. b. $85,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $127,500 were paid in cash. Of this amount, $103,200 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment. eBook Hint Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Ask View transaction list Print Journal entry worksheet