Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 734 pounds of PVC at $44 per pound. On October 9, Schmidts production department used 734 pounds of PVC for the 794 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.)

• Record the purchase of PVC.

• Record the usage of PVC.