RitePacks manufactures backpacks. Its plant records include the following materials related transactions:
Purchases of canvas (on account) ......................................................... $70,000
Purchases of thread (on account) .......................................................... ... $ 700
Material requisitions:
Canvas ................................................................................................... $60,000
Thread ........................................................................................................ $ 500
Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $37,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory?