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 $549,600. The conversion cost for the period in the Rolling Department is $102,300 ($62,000 factory overhead applied and $40,300 direct labor). The total cost transferred to Finished Goods for the period was $520,000. The Rolling Department had a beginning inventory of $22,300. al. Journalize the cost of transferred in materials 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 b. Determine the balance of Work in Process --Rolling at the end of the period