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?