Accounting for materials
Rite Packs manufactures backpacks. Its plant records include the following materials-related transactions:
| 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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