Larned Corporation recorded the following transactions for the just completed month.

1. $78,000 in raw materials were purchased on account.
2. $76,000 in raw materials were used in production. Of this amount, $61,000 was for direct materials and the remainder was for indirect materials.
3. Total labor wages of $116,500 were paid in cash. Of this amount, $102,900 was for direct labor and the remainder was for indirect labor.
4. Depreciation of $198,000 was incurred on factory equipment.