process cost journal entries 405430

The cost of materials transferred into the Rolling Department of Matco Steel Company is $540,300 from the Casting Department. The conversion cost for the period in the Rolling Department is $108,700 ($61,700 factory overhead applied and $47,000 direct labor). The total cost transferred to Finished Goods for the period was $657,700. The Rolling Department had a beginning inventory of $22,700.

A) Journalize the cost of transferred in materials.

______?_________ _______?________

______?_________________?________

B) Journalize the conversion costs. For a compound transaction, if an amount box does not require an entry, leave it blank or enter zero (“0”).

______?__________ ________?_________ _______?__________

______?__________ ________?_________ ________?__________

______?__________ _________?_________ _________?__________

C) Journalize the costs transferred out to Finished Goods.

_______?________ _______?________

_______?_______________?________

D) Determine the balance of Work in Process Rolling at the end of the period.

$______