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 $4,000 to be used in production Direct labor costs totaling $7,000 were incurred in the Molding department, to be paid the next month Manufacturing overhead costs applied to products in the Molding department totaled $5,000 The cost of goods transferred from the Molding department to the Packaging department totaled $20,000 Manufacturing overhead costs applied to products in the Packaging department totaled $3,600

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Question: 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 $4,000 to be used in production.
Direct labor costs totaling $7,000 were incurred in the Molding department, to be paid the next month.
Manufacturing overhead costs applied to products in the Molding department totaled $5,000.
The cost of goods transferred from the Molding department to the Packaging department totaled $20,000.
Manufacturing overhead costs applied to products in the Packaging department totaled $3,600.

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