Process Cost Journal Entries

The cost of materials transferred into the Rolling Department of Keystone Steel Company is $572,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $104,000 ($63,600 factory overhead applied and $40,400 direct labor). The total cost transferred to Finished Goods for the period was $685,600. The Rolling Department had a beginning inventory of $28,300.

a1. Journalize the cost of transferred-in materials.

a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank.

a3. Journalize the costs transferred out to Finished Goods.

b. Determine the balance of Work in ProcessRolling at the end of the period. $

Cost of Units Transferred Out and Ending Work in Process

The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $2.80 and $2.00, respectively. The equivalent units to be assigned costs are as follows:

	Equivalent Units
	Direct Materials		Conversion
Inventory in process, beginning of period	0		3,700
Started and completed during the period	53,000		53,000
Transferred out of Filling (completed)	53,000		56,700
Inventory in process, end of period	6,000		3,600
Total units to be assigned costs	59,000		60,300

The beginning work in process inventory had a cost of $2,150. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.

Completed and transferred-out production	$
Inventory in process, ending	$