A Rest a lot chair company manufactures a standard recliner. During february, the firm's assembly department started a standard production of 75,000 chairs. During the month the firms completed 80,000 chairs and transfered them to the Finishing Department. The firm ended the month with 10,000 chairs in ending inventory. There were 15,000 chairs in beginning inventory. All direct materials cost are added at the beginning of the production process. The FIFO method of process costing is used by Rest a lot. Beginning work in process was 30% complete as to conversion costs: while ending work in process is 80% complete as to conversion cost.

Beginning Inventory: Manufacturing cost added during the accounting period

Direct Material $24,000 Direct Material : $168,000

Conversion cost $35,000 Conversiion cost : $278,000

Prepare a complete process costing schedule using weighted average. Prepare a complete set of journal entries for Feb. assume that OH is allocated at 400% of DL$