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.

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.