Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 726 pounds of PVC at $42 per pound. On October 9, Schmidt's production department used 726 pounds of PVC for the 786 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.)