TechSolvers produces 8-foot USB cables. During the past year, the company purchased 500,000 feet of plastic-coated wire at a price of $0.25 per foot. The direct materials standard for the cables allows 8.5 feet of wire at a standard price of $0.23. During the year, the company used a total of 535,000 feet of wire to produce 63,000 8-foot cables.

Required
a. Prepare the journal entry to record the purchase of wire during the month.
b. Prepare the journal entry to record the use of wire during the month.