Back Country manufactures backpacks. Its plant records include the following materials- related data:
Raw Materials Inventory, beginning balance ..................... $ 38,000
Purchases of canvas, on account ...................................... 72,000
Purchases of sewing machine lubricating oil, on account .......... 1,200
Materials requisitions:
Canvas .................................................................. 59,000
Sewing machine lubricating oil .......................................... 450
Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory?