Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $599,500 from the Casting Department. The conversion cost for the period in the Rolling Department is $101,400 ($61,400 factory overhead applied and $40,000 direct labor). The total cost transferred to Finished Goods for the period was $652,100. The Rolling Department had a beginning inventory of $22,600. a1. Journalize the cost of transferred-in materials. 'l:] v E a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. v EDD mm 33. Journalize the costs transferred out to Finished Goods. 'U m b. Determine the balance of Work in ProcessRolling at the end of the period. $:l