Exercise 3-1 Prepare Journal entries LO3-1) Larned Corporation recorded the following transactions for the just completed month. a $82,000 in raw materials were purchased on account b. $80000 in raw materials were used in production. Of this amount, $70,000 was for direct materials and the remainder was for indirect materials. C. Total labor wages of $19,000 were paid in cash. Of this amount, $104,800 was for direct labor and the remainder was for indirect labor d. Depreciation of $199,000 was incurred on factory equipment. 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.)