DE20-7 Walkabout manufactures backpacks. Its plant records the following materials- related transactions: Purchases of canvas (on account)............. Purchases of thread (on account) Material requisitions: Canvas. Thread. $70,000 700 63,000 280 What journal entries record these transactions? Post these transactions to the Material Inventory account. If the company had $28.560 of Materials Inventory at the beginning of the period, what is the ending balance of Materials Inventory?