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EXERCISE 3-1 Prepare Journal Entries LOJ-1 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 used in production of this amount, 562,000 was for direct materials and the remainder was for indirect materials, Total labor wages of $112.000 were paid in cash, or this amount, $101.000 was for direct labor and the remainder was for indirect labor. d. Depreciation of S175,000 was incurred on factory equipment. Required: Record the above transactions in journal entries