Riter Packs manufactures backpacks. Its plant records include the following materials-related data:

Raw Materials Inventory, beginning balance$37,000Purchases of canvas, on account73,000Purchases of sewing machine lubricating oil, on account1,300Material requisitions:Canvas58,000Sewing machine lubricating oil300

Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.