BE.17.07.ALGO

Process Cost Journal Entries

In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $510,200. The conversion cost for the period in the Rolling Department is $118,000 ($68,500 factory overhead applied and $49,500 direct labor). The total cost transferred to Finished Goods for the period was $540,000. The Rolling Department had a beginning inventory of $29,600.

a1. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank.

		fill in the blank 567f9d0a3029f8f_2	fill in the blank 567f9d0a3029f8f_3
		fill in the blank 567f9d0a3029f8f_5	fill in the blank 567f9d0a3029f8f_6

a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank.

		fill in the blank b87970013fbc050_2	fill in the blank b87970013fbc050_3
		fill in the blank b87970013fbc050_5	fill in the blank b87970013fbc050_6
		fill in the blank b87970013fbc050_8	fill in the blank b87970013fbc050_9

a3. Journalize the costs transferred out to Finished Goods. If an amount box does not require an entry, leave it blank.

		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

b. Determine the balance of Work in ProcessRolling at the end of the period. $fill in the blank