Question

Score: 0 of 1 pt 8 of 13 (7 complete) HW Score: 46.73%, 7.48 of 16 S3-12 (book/static) RitePacks manufactures backpacks. Its plant records include the following materials-related transactions EEB (Click the icon to view the transactions.) Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had S37,000 of Raw Materials Question Help Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory? (Assume that thread is considered an indirect material.) Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Data Table Accounts Debit Credit Purchases of canvas (on account) Purchases of thread (on account) Material requisitions $ 70,000 $ 700 Canvas 60,000 Thread 500 Choose from any list or enter any number in the input fields and then click Check Answer Clear All Print Done remaining

Answer 1

Answer

**60500=

$60000+$500

Raw Materials Inventory
Beg. Bal.	37000
Purchases	70700	60500**	Requisitions
End. Bal.	47200

Journal Entry
Accounts	Debit	Credit
Raw materials inventory	70700
Accounts payable		70700