CourseLover

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Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Engineering,Health & Medical,HR Management,Law,Marketing,Math,Physics,Psychology,Programming,Science Hide all
Teaching Since: May 2017
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Education

  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

Experience

  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Management Posted 16 Dec 2017 My Price 10.00

Process Cost Journal Entries

Process Cost Journal Entries

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.

a1. Journalize the cost of transferred-in materials.

 Work in Process-Rolling 432000

 

Work in Process-Casting 432000

 

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a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank.

 Work in Process-Rolling 144150

 

Factory Overhead-Rolling 54700

 

Wages Payable 89450

 

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a3. Journalize the costs transferred out to Finished Goods.

 Finished Goods 553750

 

Work in Process-Rolling 553750

 

Feedback

b. Determine the balance of Work in Process—Rolling at the end of the period.

$

Journalize the costs transferred out to Finished Goods.

 Finished Goods 

 

Work in Process-Rolling 

Answers

CourseLover
(12)
Status NEW Posted 16 Dec 2017 01:12 PM My Price 10.00

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