Craig Products Co. maintains the following accounts in the general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. On June 1, the materials account had a debit balance of $5,000. Following is a summary of materials transactions for the month of June: 1. Materials purchased, $23,750. 2. Direct materials requisitioned to production, $19,250. 3. Direct materials returned to storeroom, $1,200. 4. Indirect materials requisitioned to production, $2,975. 5. Indirect materials returned to storeroom, $385. Prepare journal entries to record the materials transactions. Post the journal entries to ledger accounts (in T-account form). What is the balance of the materials inventory account at the end of the month?

Craig Products Co, maintains the following accounts in the genera ledger: Materials, Work in Process, Factory Overhead, and Accoun Payable. On June 1, the materials account had a debit balance of $5,000. Following is a summary of materials transactions for the month of June: 1. Materials purchased, $23,750. 2. Direct materials requisitioned to production, $19,250. 3. Direct materials returned to storeroom, $1,200. 4. Indirect materials requisitioned to production, $2,975. 5. Indirect materials returned to storeroom, $385. a. Prepare journal entries to record the materials transactions. b. Post the journal entries to ledger accounts (in T-accol form). c. What is the balance of the materials inventory accou the end of the month