Chapter 19, Problem S19.2SE

Accounting for materials
Back Country manufactures backpacks. Its plant records include the following materials-related data:

Learning Objective 2

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.