Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $523,600 from the Casting Department. The conversion cost for the period in the Rolling Department is $112,900 ($62,900 factory overhead applied and $50,000 direct labor). The total cost transferred to Finished Goods for the period was 5644,600. The Rolling Department had a beginning inventory of $25,200. al. Journalize the cost of transferred-in materials. Work in Process-Rolling Work in Process-Casting Feedback Check My Work Remember there are three classifications of inventory, raw materials, work in process, and finished goods. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. Work in Process-Rolling Factory Overhead-Rolling Wages Payable lll Feedback Check My Work Remember there are three classifications of inventory, raw materials, work in process, and finished goods. a3. Journalize the costs transferred out to Finished Goods. Finished Goods Work in Process-Rolling Feedback Check My Work Now that the units are completed how will that affect the asset accounts of the business? Remember there are three types of inventory, raw materials, work in process, and finished goods. b. Determine the balance of Work in Process Rolling at the end of the period