Question
Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $519,300 from the Casting Department. The conversion
Process Cost Journal Entries
The cost of materials transferred into the Rolling Department of Keystone Steel Company is $519,300 from the Casting Department. The conversion cost for the period in the Rolling Department is $112,500 ($67,700 factory overhead applied and $44,800 direct labor). The total cost transferred to Finished Goods for the period was $621,600. The Rolling Department had a beginning inventory of $22,400.
a1. Journalize the cost of transferred-in materials.
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a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank.
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a3. Journalize the costs transferred out to Finished Goods.
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b. Determine the balance of Work in ProcessRolling at the end of the period. $
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