The cost of materials transferred into the Rolling Department of Mohawk Valley Steel Company is $4,895,280 from the Casting Department. The conversion cost for the period in the Rolling Department is $953,288 ($553,038 factory overhead applied and $400,250 direct labor). The total cost transferred to Finished Goods for the period was $5,708,816. The Rolling Department had a beginning inventory of $209,000.
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.