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.
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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”).
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C) Journalize the costs transferred out to Finished Goods.
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D) Determine the balance of Work in Process Rolling at the end of the period.
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