PackNow manufactures backpacks. Its plant records include the following materialsrelated transactions:
View the transactions.
Make the journal entries to record these transactions. Post these transactions to the Raw Materials Inventory account. If the company had $ of Raw Materials 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.
Now post the transactions to the Raw Materials Inventory account. If the company had $ of Raw Materials Inventory at the beginning of the period, what is the ending balance of Raw Materials Inventory?
Enter the beginning balance of the Raw Materials Inventory Taccount on the first line, then post the transactions and calculate the ending balance. Use transaction descriptions as posting references when postiong the transactions to the account.
tableRaw Materials InventoryBeg Bal,PurchasedUsed,End Bal,,,
