The cost of materials transferred into the Rolling Department of Matco Steel Company is $506,000 from the Casting Department. The conversion cost for the period in the Rolling Department is $108,684 ($63,250 factory overhead applied and $45,434 direct labor). The total cost transferred to Finished Goods for the period was $606,626. The Rolling Department had a beginning inventory of $23,000.
a. Journalize (1) the cost of transferred-in materials, (2) 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.