In July, the cost of materials transferred into the Rolling Department from the Casting Depart- ment of Oak Ridge Steel Company is $432,000. The conversion cost for the period in the Roll- ing 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. A. Journalize (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods. B. Determine the balance of Work in Process-Rolling at the end of the period.

In July, the cost of materials transferred into the Rolling Department from the Casting Depart- ment of Oak Ridge Steel Company is $432,000. The conversion cost for the period in the Roll- ing 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. A. Journalize (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods. B. Determine the balance of Work in Process-Rolling at the end of the period.

Name: Obj. 3BE 17-7 Process cost journal entriesIn July, the cost of materi
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Description: Obj. 3BE 17-7 Process cost journal entriesIn July, the cost of materials transferred into the Rolling Department from the Casting Depart-ment of Oak Ridge Steel Company is $432,000. The conversion cost for the period in the Roll-ing Department is $1

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...

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