Pack Rite manufactures backpacks. Its plant records include the following materials-related data:

Raw Materials Inventory, beginning balance$31,000Purchases of canvas, on account65,000Purchases of sewing machine lubricating oil, on account1,000Materials requisitions:63,000Canvas400Sewing machine lubricating oil\begin{array}{lr} \hline \text{Raw Materials Inventory, beginning balance} & \$ 31,000 \\ \text{Purchases of canvas, on account} & 65,000 \\ \text{Purchases of sewing machine lubricating oil, on account} & 1,000 \\ \text{Materials requisitions:} & 63,000 \\ \text{Canvas} & 400 \\ \text{Sewing machine lubricating oil} & \\ \hline \end{array}

Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.


Answered 1 year ago
Answered 1 year ago
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In this exercise, we will journalize the materials used for Pack Rite manufacturers.

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