Question
The cost of materials transferred into the Rolling Department of Keystone Steel Company is $510,000 from the Casting Department. The conversion cost for the period
The cost of materials transferred into the Rolling Department of Keystone Steel Company is $510,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $81,200 ($54,700 factory overhead applied and $26,500 direct labor). The total cost transferred to Finished Goods for the period was $553,200. The Rolling Department had a beginning inventory of $25,000. Required: A. (1) On June 30, journalize the cost of transferred-in materials.* (2) On June 30, journalize the conversion costs.* (3) On June 30, journalize the costs transferred out to Finished Goods.* * Refer to the Chart of Accounts for exact wording of account titles. B. Determine the balance of Work in Process-Rolling at the end of the period.
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