Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $523,500 from the Casting Department. The conversion cost for the period in the Rolling Department is $116,300 (566,700 factory overhead applied and $49,600 direct labor). The total cost transferred to Finished Goods for the period was $621,600. The Rolling Department had a beginning inventory of $29,700, al. Journalize the cost of transferred-in materials. Work in Process Rolling Work In Process-Casting 12. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. Work in Process-Rolling a3. Journalize the costs transferred out to Finished Goods b. Determine the balance of Work in Process - Rolling at the end of the period