Exercise 15-4 Recording product costs P P2 P3 Starr Company reports the following information for August. Raw materials purchased on account $76,200 Direct materials used in production $48,000 Factory wages earned (direct labor) $15,350 Overhead rate 120% of direct labor cost Prepare journal entries to record the following events. 1. Raw materials purchased. 2. Direct materials used in production. 3. Direct labor used in production. 4. Applied overhead