In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $$432,000.$ The conversion cost for the period in the Rolling Department is $$144,150($$$54,700$ factory overhead applied and $$89,450$ direct labor$).$ The total cost transferred to Finished Goods for the period was $$553,750.$ The Rolling Department had a beginning inventory of $$80,000.$

Question Content Area

a$1.$ Journalize the cost of transferred$-$in materials.

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Work in Process$-$Rolling

Work in Process$-$Casting