GearPacks manufactures backpacks. Its plant records include the following materials-related transactions: B Click the icon to view the transactions.) Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $38,000 of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? (Assume that thread is considered an indirect material.) Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Debit Credit i X Data Table .... $ 70,000 Purchases of canvas (on account) Purchases of thread (on account) Material requisitions: $ 1,000 Canvas $ 62,000 Thread . $ 450 Print Done