Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $513,300 from the Casting Department. The conversion cost for the period in the Rolling Department is $113,800 ($65,100 factory overhead applied and $48,700 direct labor). The total cost transferred to Finished Goods for the period was $636,700. The Rolling Department had a beginning inventory of $24,700. a. Journalize (1) the cost of transferred-in materials, (2) conversion costs, and (3) the costs transferred out to Finished Goods.
b. Determine the balance of Work in Process—Rolling at the end of the period.