Q2. (8 marks) The Lahn Company produces and sells a single product. Standards have been established for the product as follows:Direct Materials 5 kgs. @ $3.50/kg. = $17.50/unitDirect Labour 3 hrs. @ $5.50/hr. = $16.50/unitActual cost and usage figures for the past month follow:Units Produced 750Direct Materials Used 4,000 kilogramsDirect Materials Purchased $14,400 (4,500 kgs.)Direct Labour Cost $11,200 (2,000 hrs.)Required:Prepare journal entries to record:a) The purchase of raw materials. (2 marks)b) The usage of raw materials in production. (3 marks)c) The incurrence of direct labour cost. (3 marks)