1. 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 $575,200. The conversion cost for the period in the Rolling Department is $104,500 ($64,400 factory overhead applied and $40,100 direct labor). The total cost transferred to Finished Goods for the period was $560,000. The Rolling Department had a beginning inventory of $25,900.

   a1. Journalize the cost of transferred-in materials.

   	Accounts Payable Cash Factory Overhead-Casting Factory Overhead-Rolling Finished Goods Materials Work in Process-Casting Work in Process-Rolling
   	Accounts Payable Cash Factory Overhead-Casting Factory Overhead-Rolling Finished Goods Materials Wages Payable Work in Process-Casting Work in Process-Rolling

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

   	Accounts Payable Cash Factory Overhead-Casting Factory Overhead-Rolling Finished Goods Materials Wages Payable Work in Process-Casting Work in Process-Rolling
   	Accounts Payable Cash Factory Overhead-Casting Factory Overhead-Rolling Finished Goods Materials Work in Process-Casting Work in Process-Rolling
   	Accounts Payable Cash Factory Overhead-Casting Finished Goods Materials Wages Payable Work in Process-Casting Work in Process-Rolling

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   a3. Journalize the costs transferred out to Finished Goods.

   	Accounts Payable Cash Factory Overhead-Casting Factory Overhead-Rolling Finished Goods Materials Wages Payable Work in Process-Casting Work in Process-Rolling
   	Accounts Payable Cash Factory Overhead-Casting Factory Overhead-Rolling Finished Goods Materials Wages Payable Work in Process-Casting Work in Process-Rolling

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