Cost of Units Transferred out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraun Staal company are $1.40 and $2.65, respectively, the equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 2,600 Started and completed during October 51.000 51,000 Transferred out of Rolling (completed) 51,000 53,600 Inventory in process, October 31 6,000 3,000 Total units to be assigned costs 57,000 57,200 The beginning work in process inventory on October 1 had a cost of $1,740. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the casting Department of Kraus Steel Company is $521,600. The conversion cost for the period in the Rolling Department is $103,900 ($60,300 factory overhead applied and $43,600 direct labor). The total cost transferred to Finished Goods for the period was $540,000 The Rolling Department had a beginning inventory of $27.800. al. Journalize the cost of transferred in materials. If an amount box does not require an entry, leave it blank 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, If an amount box does not require an entry, leave it bank b. Determine the balance of Work in Process --Rolling at the end of the period