Process cost journal entries PE 20-78 The -7 p 988 OBJ. 3 e cost of materials transferred into the Rolling Department of Keystone Steel Company is $510,000 from the Casting Department. The conversion cost for the period in the Roll- ing Department is $81,200 ($54,700 factory overhead applied and $26,500 direct labor). The total cost transferred to Finished Goods for the period was $553,200. The Rolling Department had a beginning inventory of $25,000. a. Journalize (1) the cost of transferred-in materials, (2) conversion costs, and (3) the costs transferred out to Finished Goods. b. Determine the balance of Work in Process-Rolling at the end of the period