Question

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 $571,500 from the Casting Department. The conversion cost for the period in the Rolling Department is $109,000 ($67,700 factory overhead applied and $41,300 direct labor). The total cost transferred to Finished Goods for the period was $607,000. The Rolling Department had a beginning inventory of $25,900.

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.

Homework Answers

Answer #1
Journal Entry
S. No. Account Tittle Debit Credit
a.1 Work In Process-Rolling Department $571,500.00
Work In Process-Casting Department $571,500.00
a.2 Work In Process-Rolling Department $109,000.00
Factory Overhead-Rolling Department $67,700.00
Wages Payable $41,300.00
a.3 Finished Goods $607,000.00
Work In Process-Rolling Department $607,000.00
Balance in WIP=25900+571500+109000-607000= $99400
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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 $593,800 from the Casting Department. The conversion cost for the period in the Rolling Department is $113,900 ($65,600 factory overhead applied and $48,300 direct labor). The total cost transferred to Finished Goods for the period was $666,400. The Rolling Department had a beginning inventory of $25,400. a1. Journalize the cost of transferred-in materials. a2. Journalize the conversion costs. If an amount box...
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...
The cost of materials transferred into the Rolling Department of Keystone Steel Company is $535,900 from...
The cost of materials transferred into the Rolling Department of Keystone Steel Company is $535,900 from the Casting Department. The conversion cost for the period in the Rolling Department is $105,600 ($63,400 factory overhead applied and $42,200 direct labor). The total cost transferred to Finished Goods for the period was $603,000. The Rolling Department had a beginning inventory of $29,600. a1. Journalize the cost of transferred-in materials. a2. Journalize the conversion costs. If an amount box does not require an...
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 $577,800 from the Casting Department. The conversion cost for the period in the Rolling Department is $112,500 ($68,500 factory overhead applied and $44,000 direct labor). The total cost transferred to Finished Goods for the period was $692,700. The Rolling Department had a beginning inventory of $28,000. a1. Journalize the cost of transferred-in materials. Work in Process-Rolling Accounts Payable Cash Factory Overhead-Casting Factory...
1. The costs per equivalent unit of direct materials and conversion in the Rolling Department of...
1. The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.65 and $0.25, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 3,100 Started and completed during October 52,000 52,000 Transferred out of Rolling (completed) 52,000 55,100 Inventory in process, October 31 3,000 1,200 Total units to be assigned costs 55,000 56,300 The beginning work in process...
The cost of direct materials transferred into the Rolling Department of Oak Ridge Steel Company is...
The cost of direct materials transferred into the Rolling Department of Oak Ridge Steel Company is $546,000. The conversion cost for the period in the Rolling Department is $318,150. The total equivalent units for direct materials and conversion are 3,000 tons and 5,050 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $ per ton Conversion cost per equivalent unit: $ per ton
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus...
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus Company is $451,200. The conversion cost for the period in the Rolling Department is $289,750. The total equivalent units for direct materials and conversion are 2,400 tons and 4,750 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $ per ton Conversion cost per equivalent unit: Cost of Units Transferred Out and Ending Work in...
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus...
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus Company is $485,000. The conversion cost for the period in the Rolling Department is $291,200. The total equivalent units for direct materials and conversion are 2,500 tons and 4,550 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $ per ton Conversion cost per equivalent unit: $ per ton
Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in...
Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaking Department for March. Account Work in Process—Papermaking Department Account No. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 7,200 units, 30% completed 13,104 31 Direct materials, 38,400 units 49,920 63,024 31 Direct labor 16,060 79,084 31...
Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in...
Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaking Department for March. Account Work in Process—Papermaking Department Account No. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 8,000 units, 30% completed 15,680 31 Direct materials, 42,700 units 59,780 75,460 31 Direct labor 17,860 93,320 31...