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
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