Suppose that Peace Corporation, chemical manufacturing Company, has two production departments using sequential production flow: the Mixing Department and the Bottling Department. In the Mixing Department direct material consisting ingredient chemicals is added at the beginning of the production process. Direct labor and manufacturing overhead costs are incurred evenly throughout the production process. Predetermined overhead rate is used in the mixing department using direct labor cost as a cost allocation base and at 125% overheads per $1 direct labor cost. The following table presents the summary activity performed in Mixing Department during March. The direct material and conversion costs listed under beginning work in process section represent the work done during February. Work in process, March 1: 20,000 UnitsDirect material, 100% Complete, cost of* $50,000Conversion costs, 10% Complete, cost of* 7,200Balance in work in process, March 1* $57,200Units started in March 30,000 UnitsUnits completed during March and transferred out of the Mixing department 40,000 UnitsWork in process, March 31: 10,000 UnitsDirect material, 100% CompleteConversion costs, 50% CompleteCosts incurred During March:Direct material $90,000Conversion costs:Direct labor $86,000Applied Manufacturing Overhead** 107,500Total Conversion Costs $193,500*These costs were incurred during the month of February**Overhead is allocated at 125% of Direct Labor costRequired: prepare the cost production report based on FIFO and Weighted Average method and record the necessary Entries.