Because most of the parts for its irrigation systems are standard, Northern Illinois Manufacturing handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting, and the Welding departments. All items eventually end up in the Package department which prepares items for sale in kits or individually. The following information is available for the Molding department for January:Work in process beginning: Units in process22,500 Stage of completion for materials80% Stage of completion for labor and overhead30% Costs in work in process inventory: Materials$174,100 Labor70,500 Overhead104,650 Total costs in beginning work in process$349,250Units started into production in January74,000Units completed and transferred in January71,000Costs added to production: Materials$926,225 Labor609,476 Overhead914,214Total cots added into production in January$2,449,915Work in process ending Units in process25,500 Stage of completion for materials60% Stage of completion for labor and overhead30%Instructions:Prepare a production cost report for Northern Illinois Manufacturing using the weighted-average method and then show the journal entry for transferring the units from Molding to the Welding Department.