Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $172,000...
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Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $172,000 320,000 During 20x2, manufacturing overhead of $160,000 was applied to production. Products costing $122.000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: $226, 000 18,000 30,000 Raw material Work in process Finished goods 2. Prepare a partial balance sheet and a partial income statement to reflect the information given above. Complete this question by entering your answers in the tabs below. Balance Sheet Income Stmt Prepare a partial balance sheet. REIMEL FURNITURE COMPANY, INC. Partial Balance Sheet As of December 31, 20x2 Inventory: Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $172,000 320,000 During 20x2, manufacturing overhead of $160,000 was applied to production. Products costing $122.000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: $226, 000 18,000 30,000 Raw material Work in process Finished goods 2. Prepare a partial balance sheet and a partial income statement to reflect the information given above. Complete this question by entering your answers in the tabs below. Balance Sheet Income Stmt Prepare a partial balance sheet. REIMEL FURNITURE COMPANY, INC. Partial Balance Sheet As of December 31, 20x2 Inventory:
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Raw materials inventory Work in process inventpry BegBal 226000 BegBal 1... View the full answer
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