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Straight Packs manufactures backpacks. Its plant records include the following​ materials-related data:

Raw Materials Inventory, beginning balance

$31,000

Purchases of canvas, on account

66,000

Purchases of sewing machine lubricating oil, on account

1,100

Material requisitions:

Canvas

60,000

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.

Journalize the entries to record the transactions.

Begin by recording the journal entry for the purchases of materials. ​(Record debits​ first, then credits. Exclude explanations from any journal​ entries.)

Respuesta :

hyderali230

Answer:

                Journalize the entries to record the transactions.

                                               Dr.               Cr.

Raw Material Inventory     $67,100

( 66,000 + 1,100 )

Account Payable                                   $67,100

Work in Process                $60,450

Raw Material Inventory                         $60,450

                            Raw Material Inventory Account

                                               Dr.               Cr.             Balance

Opening Balance                                                        $31,000

Purchases (Canvas+oil)      $67,100                           $98,100

Work in Process                                     $60,450      $37,650

                                                                                                                       

Ending balance in Raw Materials Inventory is $37,650

Explanation:

Raw Material Inventory account is an asset account and Purchases are added in it. Material requisitions are made to transfer raw material from warehouse to other departments for processing so it is transferred to work in process account from Raw material Inventory account.

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