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Process Costing Journal Entries. Assume a company has two processing departmentsMolding and Packaging. Transactions for the month are shown as follows. The Molding department requisitioned
Process Costing Journal Entries.Assume a company has two processing departmentsMolding and Packaging. Transactions for the month are shown as follows.
- The Molding department requisitioned direct materials totaling $2,000 to be used in production.
- Direct labor costs totaling $3,500 were incurred in the Molding department, to be paid the next month.
- Manufacturing overhead costs applied to products in the Molding department totaled $2,500.
- The cost of goods transferred from the Molding department to the Packaging department totaled $10,000.
- Manufacturing overhead costs applied to products in the Packaging department totaled $1,800.
Required:
Prepare journal entries to record transactions1through5.
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