In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $567,100. The conversion cost for the period in the Rolling Department is $103,000 ($60,100 factory overhead applied and $42,900 direct labor). The total cost transferred to Finished Goods for the period was $560,000. The Rolling Department had a beginning inventory of $23,700.

Process Cost Journal Entries into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $567,100. The conversion cost for the perlod Department is $103,000 ($60,100 factory overhead applied and $42,900 direct labor). The total cost transferred to Finished Goods for the period was $560,000. The Rolling Department had a beginning inventory of $23,700. a1. Journalize the cost of transferred-in materials. Work in Process Rolling 567,100 Work in Process-Casting 464,100 X Feedback Check My Work Remember there are three classifications of inventory, raw materials, work in process, and finished goods a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. Work in Process-Rolling Factory Overhead-Rolling 60,100 Wages Payable 42,900 Feedback Check My Work Remember there are three classifications of inventory, raw materials, work in process, and finished goods Check My Work 2 more Check My Work uses remaining Previous Next Wages Payable 42,900 Feedback Check My Work a3. Journalize the costs transferred out to Finished Goods Finished Goods 560,000 Work in Process-Rolling 560,000 Feedback 7 Check My Work Now that the units are completed how will that affect the asset accounts of the business? Remember there are three types of inventory, raw materials, work in process, and finished goods b. Determine the balance of Work in Process-Rolling at the end of the period. Feedback Feedback Previous Next> 2 more Check My Work uses remaining. Check My Work