Use the data in Exhibit 14.5. On October 7, Schmidt Machinery Company purchased 735 pounds of PVC at $45 per pound. On October 9, Schmidt's production department used 735 pounds of PVC for the 795 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.) View transaction list Journal entry worksheet 2 > Record the purchase of PVC. Note: Enter debits before credits. General Journal Debit Credit Date Oct 07 Record entry Clear entry View general journal Journal entry worksheet 1 2 > Record the usage of PVC. Note: Enter debits before credits. General Journal Debit Credit Date Oct 09 Record entry Clear entry View general journal EXHIBIT 14.5 Standard Cost Sheet, Product XV-1 Subtotal Total $100 SCHMIDT MACHINERY COMPANY Standard Cost Sheet Product: XV-1 Descriptions Quantity Cost Rate Direct materials: Aluminum 4 pounds $25/pound PVC 1 pound 40/pound Direct labor 5 hours 40/hour Variable factory overhead 5 hours 12/hour Total variable manufacturing cost Fixed factory overhead* 5 hours 24/hour Standard manufacturing cost per unit Standard variable selling and administrative cost per unit 40 200 60 $400 120 120 $520 $ 50 *Budgeted fixed factory overhead cost = $120,000