Process Cost Journal Entries

The cost of materials transferred into the Rolling Department of Matco Steel Company is $500,900 from the Casting Department. The conversion cost for the period in the Rolling Department is $106,400 ($60,500 factory overhead applied and $45,900 direct labor). The total cost transferred to Finished Goods for the period was $695,600. The Rolling Department had a beginning inventory of $23,000.

a1. 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 ProcessRolling at the end of the period.

Work in Proce-Rling Work in Process-Rolling $0000 500900 Work in Process-Casting 500900