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

Requirements

R1. What journal entries record these transactions?

R2. Post these transactions to the Materials inventory account.

R3. If the company had $35,000 of Materials inventory at the beginning of the period, what is the ending balance of Materials inventory?

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