EXERCISE 3-4 Prepare Journal Entries (L03-4) 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 requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. Chapter 3 c. Total labor wages of $112.000 were incurred. Of this amount, $101,000 was for direct lah and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $175,000 were incurred. Required: Record the above transactions in journal entries