Gear Packs manufactures backpacks. Its plant records include the following materials-related transactions:

Requirements
1. What journal entries record these transactions?
2. Post these transactions to the Materials inventory account.
3. If the company had \($35,000\) of Materials inventory at the beginning of the period, what is the ending balance of Materials inventory?

Transcribed Image Text:

Purchases of canvas (on account) ..... $ 75,000 Purchases of thread (on account) Materials requisitions: Canvas... Thread.. 1,400 63,000 450