eBook Show Me How Calculator Process Cost Journal Entries In

eBook Show Me How Calculator 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 $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 Rolling432.000 432,000 Work in Process Casting 432.000 Feedback a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. Work in Process-Rolling 144,150 Factory Overhead-Rolling Wages Payable 54.700 V 89,450 a3. Journalize the costs transferred out to Finished Goods. Finished Goods 553,750 1:17 AM 1/2018

Solution

Answer B:

Work in process-Rolling at the end of the period = Beginning Inventory + Cost of Material transferred + Conversion cost - Finished goods transferred
Work in process-Rolling at the end of the period = $80,000 + $432,000 + $144,150 - $553,750
Work in process-Rolling at the end of the period = $102,400