Because 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 Packaging 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 process: 21,000
Stage of completion for materials: 80%
Stage of completion for labor and overhead: 30%

Costs in work in process inventory:
Materials: $167,110
Labor 66,960
Overhead 17,290
Total costs in beginning work in process $251,360
Units started into production in January 59,700
Units completed and transferred in January 58,100

Costs added to production:
Materials $282,602
Labor 283,286
Overhead 61,020
Total costs added into production in January $626,908

Work in process ending:
Units in process 22,600
Stage of completion for materials 50%
Stage of completion for labor and overhead 10%

Required:
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.