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StraightPacks manufactures backpacks. Its plant records include the following materials$-$related transactions:

View the transactions.

Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $$39,000$ of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? $($Assume that thread is considered an indirect material.$)$

Begin by recording the journal entry for the purchases of materials. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Accounts Journal Entry

Now record the journal entry for the materials used.

Transactions

Purchases of canvas $($on account$).....$$$70,000$

Purchases of thread $($on account$)......$ $ $600$

Material requisitions:

Canvas

$$60,000$

Thread

$$,350$

Now post the transactions to the Raw Materials Inventory account. If the company had $$39,000$ of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory?

Enter the beginning balance of the Raw Materials Inventory T$-$account on the first line, then post the transactions and calculate the ending balance. $($Use transaction descriptions as posting references when posting the transactions to the account.$)$

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