Question

The cost of materials transferred into the Rolling Department of Raystone Steel Company is $342.000 from the Casting Department. The common cout for the period in die factory overhead applied and $44.700 direct labor). The total transferred to Finished Goods for the period was $652.900. The Rolling Department had be e al. Journalize the cost of transferred in materials r Department is $100.000 (44,100 27.100 Work in Process Casti 2. Journalize the conversion costs. If an amount box does not require an entry Work in Process Rolling Factory Overhead Rollin Waras Payable a3. Journalize the coat transferre Finished Goods Work in Process Relies b. Determine the balan Proc -Rolling at the end of the period

Answer 1

Keystone Steel Company Journal Enteries Trans Particulars al. Work in Process - Rolling Department a/c Dr. To Work in Process - Casting Department Debit in $ Credit in $ 562000 562000 a2. Dr. 108800 Work in Process - Rolling Department a/c To Wages Payable To Factory Overhead 44700 64100 a3. 652900 Finished Goods Inventory a/c Dr. To Work in Process - Rolling Department 652900 b. Beginning Inventory Add : Transferred in Material from Casting department Add: Conversion cost incurred during the period Less: Units Transferred to Finished Goods Inventory Balance in Work In Process - Rolling 27100 562000 108800 -652900 45000