Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 728 pounds of PVC at $44 per pound. On October 9, Schmidts production department used 728 pounds of PVC for the 788 units of XV-1 it manufactured. Required: Prepare the journal entries to record the purchase and usage of PVC during October. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)