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Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel...

Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $560,700 from the Casting Department. The conversion cost for the period in the Rolling Department is $104,400 ($60,100 factory overhead applied and $44,300 direct labor). The total cost transferred to Finished Goods for the period was $690,700. The Rolling Department had a beginning inventory of $28,300. a1. Journalize the cost of transferred-in materials. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. b. Determine the balance of Work in Process—Rolling at the end of the period. $

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Answer #1
a1 Work in process-Rolling 560700
     Work in process-Casing 560700
a2 Work in process-Rolling 104400
      Factory overhead-Rolling 60100
      Wages Payable 44300
a3 Finished goods 690700
     Work in process-Rolling 690700
b Balance in Work in Process—Rolling 2700 =28300+560700+104400-690700
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