Solution-Journalize the cost of transferred-in materials

Journalize the cost of transferred-in materials

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Reference no: EM132951180

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.

Problem A. Journalize (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods.

Problem B. Determine the balance of Work in Process-Rolling at the end of the period.

Reference no: EM132951180

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Journalize the cost of transferred-in materials

Reference no: EM132951180

Reference no: EM132951180

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