The cost of materials transferred into the Rolling Department of Keystone Steel Company is $571,100 from the Casting Department. The conversion cost for the period in the Rolling Department is $111,000 ($68,000 factory overhead applied and $43,000 direct labor). The total cost transferred to Finished Goods for the period was $669,000. The Rolling Department had a beginning inventory of $26,800. Required:

a. On June 30, journalize the cost of transferred-in materials.
b. On June 30, journalize the conversion costs.
c. On June 30, journalize the costs transferred out to Finished Goods.

Part a

Debit : Work in Process : Casting Department $571,100

Credit : Work In Process : Rolling Department $571,100

Being Cost of materials transferred from Casting Department to Rolling Department

Part b

Debit : Work In Process : Overheads $68,000

Debit : Work In Process : Direct Labor  $43,000

Credit : Overheads $68,000

Credit : Salaries Payable $43,000

Being factory overhead applied and direct labor incurred

Part c

Debit : Finished Goods Inventory $669,000

Credit : Work in Process : Rolling Department $669,000

Being Cost transferred to Finished Goods for the period

Explanation:

Journal entries for the  transactions have been prepared above.

answer; the correct answer is (direct foreign investment);

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.