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. $80,000 In raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for Indirect materials C. Total labor wages of $113.500 were paid in cash. Of this amount, S103,400 was for direct labor and the remainder was for indirect labor d. Depreciation of $196,000 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 fieid.) View transaction list Journal entry worksheet $80.000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials