Raw Materials Inventory, beginning balance $41,000 Purchases of canvas, on...
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Accounting
Raw Materials Inventory, beginning balance
$41,000
Purchases of canvas, on account
69,000
Purchases of sewing machine lubricating oil, on account
1,400
Material requisitions:
Canvas
65,000
Sewing machine lubricating oil
300
Sport Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Now record a single journal entry for the materials used. Post these transactions to the Raw Materials Inventory account and determine the ending balance in Raw Materials Inventory
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