25 Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $173,000 322,000 During 20x2, manufacturing overhead of $160,000 was applied to production. Products costing $121,000 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: Raw material Work in process Finished goods $226,000 16,000 30,000 Exercise 3-31 Part 2 2. Prepare a partial balance sheet and a partial income statement to reflect the information given above.