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What is the ending balance of raw materials inventory

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Question - Trekker manufactures backpacks. Its plant records include the following materials-related transactions:

Purchases of canvas (on account) $70,000

Purchases of thread (on account) 1,100

Material requisitions:

Canvas 63,000

Thread 280

Make the journal entries to record these transactions. Post these transactions to the raw materials inventory account. If the company had $35,680 of raw materials inventory at the beginning of the period, what is the ending balance of raw materials inventory?

Reference no: EM133098687

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