Problem 3 The Rest-a-Lot chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 8n0co chair transferred 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 costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Rest-a-Lot. Beginning work in process was un complete as to conversion costs, while ending work in process was 80% complete as to Beginning inventory conversion costs. Direct materials $24,000 $35,000 costs Mannfacturing costs added during the accounting period Direct materials Conversion costs $168,000 $278,000 Prepare a complete process costing schedule using FIFO. You must reconcile costs completed and transferred