Raw Materials Inventory, beginning balance $41,000 Purchases of canvas, on account 69,000 Purchases of sewing machine lubricating oil, on account 1,400 Material requisitions: Canvas 65,000 Sewing machine lubricating oil 300

Sport Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)