2 3 Data: Inventory balances on January 1: Raw materials Work in process Finished goods Estimated machine-hours to be worked Estimated manufacturing overhead costs to be incurred Required: $20,000 $15,000 $30,000 75,000 $450,000 Part 1: Prepare the journal entries to record the following transactions: a Raw materials were purchased on account for $410,000. Debit Credit M b Raw materials were requisitioned for use in production: $380,000 ($360,000 direct materials and $20,000 Debit Credit