Question

rolling department of keystone steel company

Calculator BShow Me How eBook Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $557,300 from the Casting Department. The conversion cost for the period in the Rolling Department is $115,000 ($66,700 factry overhead applied and $48,300 direct labor). The total cost transferred to Finished Goods for the period was $661,700. The Rolling Department had a beginning imventory of $29,900 a1. Journalize the cost of transferred-in materials Work in Process-Rolling Work in Process-Casting Feeteck Check My Wk 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 feeek heck My

Answer 1

Answer of Part a Transaction Accounts Titles & Explanation Credit Debit Work in Process-Rolling A1 557,300 Work in Process-Casting 557,300 Work in Process-Rolling A2 115,000 Factory Overhead-Rolling 66,700 Wages Payable 48,300 Finished Goods АЗ 661,700 Work in Process-Rolling 661,700 Answer of Part b Ending Work in Process-Rolling = Beginning Inventory + Cost of Material Transferred into Rolling Department+ Conversion Cost - Cost transferred to Finished Goods Ending Work in Process-Rolling $29,900 $557,300 $115,000 - $661,700 Ending Work in Process-Rolling = $40,500