Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Matco Steel Company is $534,600 from the Casting Department. The conversion cost for the period in the Rolling Department is $107,400 ($61,800 factory overhead applied and $45,600 direct labor). The total cost transferred to Finished Goods for the period was $651,000. The Rolling Department had a beginning inventory of $20,000. Hide a1. Journalize the cost of transferred-in materials. Hide a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. Hide a3. Journalize the costs transferred out to Finished Goods. b. Determine the balance of Work in ProcessRolling at the end of the period. $