Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $555,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $107,200 ($63,100 factory overhead applied and $44,100 direct labor). The total cost transferred to Finished Goods for the period was $623,700. The Rolling Department had a beginning inventory of $28,900. al. Journalize the cost of transferred-in materials. Work in Process-Casting Work in Process-Rolling 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 Process-Rolling at the end of the period.
Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $555,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $107,200 ($63,100 factory overhead applied and $44,100 direct labor). The total cost transferred to Finished Goods for the period was $623,700. The Rolling Department had a beginning inventory of $28,900. al. Journalize the cost of transferred-in materials. Work in Process-Casting Work in Process-Rolling 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 Process-Rolling at the end of the period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Process Cost Journal Entries
The cost of materials transferred into the Rolling Department of Keystone Steel Company is $555,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $107,200 ($63,100 factory overhead applied and $44,100 direct
labor). The total cost transferred to Finished Goods for the period was $623,700. The Rolling Department had a beginning inventory of $28,900.
al. Journalize the cost of transferred-in materials.
Work in Process-Casting
Work in Process-Rolling
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 Process-Rolling at the end of the period.
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