Question

easy packs manufactures backpacks, its plant record include the following materials-related data : raw materials inventory beginning balance 31,000. purchass of canvas on account 69,000. purchases of sewing machine lubricating oil on account 1,000. material / requisitions: canvas 64,000, sewing machine lubricating oil 500.journalize the entries to record the transactions post to the raw materials inventory account, and determine the ending balance in raw materials inventory.1. journalize the entries to record the transactions, begin by recording the journal entry for the purchase of materials. (record debits first, then credits. exclude explanations from any journal entries) 2. now record a single journal entry for the material used. 3. put these transactions to the raw materials inventory account and determine the ending balance in raw materials inventory.

Answer 1

Ans-Preparing the Journal Entries:-

Date	Account Titles and Explanation	Debit	Credit
a-	Raw materials inventory A/c Dr.(69,000+1,000)	70,000
	Accounts Payable		70,000
	(To record the purchase of raw materials)
b	Work in process inventory A/c Dr.	64,000
	Manufacturing overhead A/c Dr.	500
	Raw materials inventory		64,500
	(To record materials used)

The ending balance in raw materials inventory:-

Raw Material Inventory

Beg. Balance	31,000	Work in process	64,000
Accounts Payable	70,000	Manufacturing overhead	500
Ending Balance	36,500

The ending balance in raw materials inventory is 36,500.

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