Check my wek Exercise 3-1 Prepare Journal Entries [LO3-1 0.2 Larmed Corporation recorded the following transactions for the just completed month $80,000 in raw materials were purchased on account b $71000 in raw materials were used In production. Of this emount $62,000 was for direct materials and the nemainder wr ndirect materials. Total labor wages of $112,000 were paid in cash. Of this amount,$101,000 was fo direct labor and the remainder was tor indiect labor d. Depreclation of $175,000 was incurred on factory equipment Required Record the above transactions in journal entries. (f no entry is requilred for a transaction/event, select "No journal anory qured encesthe first account field.) Journal entry worksheet 80,000 in raw materials were purchased on account Note: Enter debits before credits Clear entry Recond entry