Process Cost Journal Entries In July, the cost of materials transferred into the Rolling Department...
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Process Cost Journal Entries In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $531,800. The conversion cost for the period in the Rolling Department is $101,600 ($61,000 factory overhead applied and $40,600 direct labor). The total cost transferred to Finished Goods for the period was $600,000. The Rolling Department had a beginning inventory of $22,500. al. Journalize the cost of transferred-in materials. Work in Process-Rolling Work in Process-Casting Feedback Check My Work Remember there are three classifications of inventory, raw materials, work in process, and finished goods. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. Work in Process-Rolling Factory Overhead-Rolling Wages Payable Feedback Check My Work Remember there are three classifications of inventory, raw materials, work in process, and finished goods. a3. Journalize the costs transferred out to Finished Goods. Finished Goods Work in Process-Rolling b. Determine the balance of Work in Process-Rolling at the end of the period
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