what is the ending balance of materials inventory 552853
Accounting for materials
Rite Packs manufactures backpacks. Its plant records include the following materials-related transactions:
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|
Purchases of canvas (on account) |
$ 71,000 |
|
Purchases of sewing machine lubricating oil (on account) |
1,100 |
|
Materials requisitions: |
|
|
Canvas |
64,000 |
|
Sewing machine lubricating oil |
250 |
Requirements
1. Journalize the entries to record these transactions.
2. Post these transactions to the Materials inventory account.
3. If the company had $34,000 of Materials inventory at the beginning of the period, what is the ending balance of Materials inventory?
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