Excel Assignment # 3 - Production Cost Report Fall Semester 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, Welding, and Assembly 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 heginning Units in process 22,000 Stage of completion for materials 80% Stage of completion for labor and overhead 30% Costs in work in process inventory Materials S168,360 Labor 67,564 Overhead 17.270 Total costs in beginning work in process $253,194 Units started into production in January 60,000 Costs added to production: Materials S264,940 Labor 289,468 Overhead 60,578 Total cots added into production in January 5614.986 Work in process ending Units in process Stage of completion for materials Stage of completion for labor and overhead 24,000 50% 10% Instructions: a. Prepare a production cost report for Northern Illinois Manufacturing using the weighted-average method b. Prepare the journal entry for transferring the units from Molding to the Welding Department