Acc349 Managerial Accounting: P2-2A The following accounts are maintained by the Sprague

Acc349 Managerial Accounting
P2-2A
The following accounts are maintained by the Sprague Manufacturing Company in its general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. The materials account had a debit balance of $40,000 on November
1. A summary of material transactions for November shows:
(1) Materials purchased on account, $62,000
(2) Direct materials issued, $58,500
(3) Direct materials returned to storeroom, $1,200
(4) Indirect materials issued, $3,600
(5) Indirect materials returned to storeroom, $550
(6) Materials on hand were $200 less than the stores ledger balance

Required:
a. Prepare journal entries to record the materials transactions.
b. Post the journal entries to T-accounts.
c. What is the balance of the materials account on November 30?
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