Pack Rite manufactures backpacks. Its plant records include the following materials-related data:
Raw Materials Inventory, beginning balance....................................31,000
Purchases of canvas, on account...................................................65,000
Purchases of sewing machine lubricating oil, on account.......................1,000
Materials requisitions:
Canvas................................................................................63,000
Sewing machine lubricating oil.......................................................400
Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.