The cost of materials transferred into the Rolling Department of Atlas Steel Com

Question

The cost of materials transferred into the Rolling Department of Atlas Steel Company
is $4,654,800 from the Casting Department. The conversion cost for the period in the
Rolling Department is $1,091,363 ($666,563 factory overhead applied and $424,800
direct labor). The total cost transferred to Finished Goods for the period was $5,600,180.
The Rolling Department had a beginning inventory of $246,000.

(1) the cost of transferred-in materials
(2) conversion costs
(3) the costs transferred out to Finished Goods.

b. Determine the balance of Work in Process

Explanation / Answer

1. cost of transferred-in materials = 4,654,800 2. conversion costs = 1,091,363 3. cost transferred out = 5,600,180 Balance of WIP - rolling: 246,000 beginning balance +4,654,800 transferred in +1,091,363 conversion costs -5,600,180 transferred out = 391,983 answer: $391,983

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