chapter 3

Larned Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production, Of this amount, $62,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor d. Depreciation of $175,000 was incurred on factory equipment Required: Record the above transactions in journal entries. (If no entry is required for o transaction/event, select "No journal entry required" in the first account field.)