Process Cost Journal Entries In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $505,400. The conversion cost for the period in the Rolling Department is $101,400 ($60,800 factory overhead applied and $40,600 direct labor). The total cost transferred to Finished Goods for the period was $580,000. The Rolling Department had a beginning inventory of $29,400. al. Journalize the cost of transferred-in materials. Work in Process Rolling Wages Payable x Feedback Check My Work a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. Materials x Finished Goods x Wages Payable Feedback Check My Work a3. Journalize the costs transferred out to Finished Goods. Accounts Payable x Cash x Feedback Check My Work b. Determine the balance of Work in Process-Rolling at the end of the period