The following accounts are maintained by the XYZ Manufacturing Company 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:

(1)	Materials purchased 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 stores ledger balance

Prepare journal entries to record the materials transactions.