Question

pack rite manufactures backpacks. its plant records include the following materials related data: raw materials inventory beginning balance 32,000 purchases of canvas, on account 68,000 purchases of sewing machine lubricating oil on account 900 material requisitions canvas 64,000 sewing machine lubricating oil 400. journalize the entries to record the transactions, post to the raw materials inventory account, and determine the ending balance in raw materials inventory. begin by recording the journal entry for the purchase of materials. (record debits first, then credits. exclude explanations from any journal entries.) then record a single journal entry for the materials used. then post these transactions to the raw material inventory account and determine the ending balance in raw material inventory.

Answer 1

Journal entries:
S.no.	Accounts title and explanations				Debit $	Credit $
a.	Raw material inventory (68000+900)				68900
	Accounts Payable					68900
b.	Work in process inventory				64000
	Manufacturing overheads				400
	Raw material invenntory					64400
RAW MATERIAL INVENTORY ACCOUNT
Balance		32000	Work in process inventory			64000
Accounts Payable		68900	Manufacturing overheads			400
Ending balance		36500