1 Reimel Furniture Company, Inc., Incurred the following costs during 20x2. of 2 Raw material used Direct labor ped ok nt D nces $ 172,000 319,000 During 20x2, manufacturing overhead of $160,000 was applied to production. Products costing $120,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances In the firm's Inventory accounts are as follows: Raw material Work in process Finished goods $ 226,000 14,000 32,000 Exercise 3-31 Part 1 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Beg. Bal. End. Bal. Raw-Material Inventory Beg. Bal Direct material Direct labor Manufacturing overhead End. Bal. Work-in-Process Inventory Wages Payable Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished-Goods Inventory Sales Revenue Beg. Bal. Beg. Bal. 13 9 < Prev 11 12 of 27 Next