Question: 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

Use the data in Exhibit 14.5. On October 7, Schmidt Machinery

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.)

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