Question

EasyPacks manufactures backpacks. Its plant records include the following materials-related transactions:
Purchases of canvas (on account)........................................................................... $ 67,000
Purchases of thread (on account)...........................................................................$ 1,100
Material requisitions: Canvas..................................................................................................................$ 63,000
Thread.................................................................................................................. $ 500

Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $ 38,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory?



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  • CreatedAugust 27, 2014
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