PackRite manufactures backpacks. Its plant records include the following materials-related transactions:
Purchases of canvas (on account)..................................................................... $66,000
Purchases of thread (on account)......................................................................... $ 600
Material requisitions: ........................................................................................
Canvas.............................................................................................................. $58,000
Thread.................................................................................................................. $ 100
Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $30,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory?