rocess Cost Journal Entries

In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $432,000. The conversion cost for the period in the Rolling Department is $144,150 ($54,700 factory overhead applied and $89,450 direct labor). The total cost transferred to Finished Goods for the period was $553,750. The Rolling Department had a beginning inventory of $80,000.

a1.Journalize the cost of transferred-in materials.

Work in Process-Rolling432000

Work in Process-Casting432000

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

Work in Process-Rolling144150

Factory Overhead-Rolling54700

Wages Payable89450

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a3.Journalize the costs transferred out to Finished Goods.

Finished Goods553750

Work in Process-Rolling553750

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

$

Journalize the costs transferred out to Finished Goods.

Finished Goods

Work in Process-Rolling