Hikmat manufacturing uses a normal cost system. The following data were provided for the year 1998

N

Direct Materials purchase on account 148000

Direct Materials requisition 82000

Direct Labour Cost incurred. 130000

Factory overhead incurred 146000

Cost of Goods completed. 292000

Cost of Goods Sold 256000

Beginning Direct Materials inventory 26000

Beginning work in process inventory 64000

Beginning Finished Goods inventory 58000

Give the journal entry to record

1. The material placed into production

2. Give the journal entry to record the conversion cost

3. Give the journal entry to record finished goods transferred to warehouse

4. The ending balance of Direct materials inventory is

5. The ending balance of work in process inventory is

6. The ending balance of finished good inventory is

7. Give the entry if the goods sold for 150% of cost using perpetual inventory system.

Answer rating: 100% (QA)

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