1. The following accounts are maintained by Riverside Manufacturing Co. in its general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. The materials account had a debit balance of $ 40,000 on November 1. A summary of material transactions for November shows the following transactions:

(1) materials acquired on account $62,000

(2) Direct materials issued, $58,500

(3) Direct materials returned to storeroom, $ 1,200

(4) Indirect materials issued, $ 3,600

(5) Indirect materials returned to storeroom, $ 550

(6) Materials on hand were $200 less than the companys ledger balance.

Prepare journal entries to record these transactions.

Post the journal antries to T-accounts.

Determine the balance of the materials account on November 30.