Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $534,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $111,600 ($64,900 factory overhead applied and $46,700 direct labor). The total cost transferred to Finished Goods for the period was $650,500. The Rolling Department had a beginning inventory of $23,700. a1. Journalize the cost of transferred-in materials.