Fallbecause most of the parts for its irrigation systems are standard, waterways 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 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 process22,000 stage of completion for materials80% stage of completion for labor and overhead30% costs in work in process inventory: materials$168,360labor67,564overhea d17,270 total costs in beginning work in process$253,194units started into production in january60,000units completed and transferred in january58,000costs added to production: materials$264,940 labor289,468 overhead60,578total cots added into production in january$614,986work in process ending units in process24,000 stage of completion for materials50% stage of completion for labor and overhead10%instructions: prepare a production cost report for waterways using the weighted-average method and then show the journal entry for transferring the units from molding to the cutting department.