ANSWER QUESTIONS USING FORMAT PROVIDED Reimel Furniture Company, Inc , incurred the following costs during 20x2 Raw material used $ 174,000 Direct labor 320,000 During 20x2, manufacturing overhead of $180,000 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 firms inventory accounts are as follows Raw material $ 227,000 Work in process 16,000 Finished goods 30,000 Required 1 Prepare T accounts to show the flow of costs through the company's manufacturing accounts during 20x2 Raw Material Inventory Work in Process Inventory Beg Bal Beg Bal Direct material Direct labor Manufacturing overhead End Bal End Bal Wages Payable Manufacturing Overhead Beg Bal Beg Bal End Bal End Bal Finished Goods Inventory Sales Revenue Beg Bal Beg Bal End Bal End Bal Accounts Receivable Cost of Goods Sold Beg Bal Beg Bal End Bal End Bal

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* ANSWER QUESTIONS USING FORMAT PROVIDED * Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used $ 174,000 Direct labor 320,000

*** ANSWER QUESTIONS USING FORMAT PROVIDED ***

Reimel Furniture Company, Inc., incurred the following costs during 20x2.


Raw material used	$	174,000
Direct labor		320,000

During 20x2, manufacturing overhead of $180,000 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 firms inventory accounts are as follows:


Raw material	$	227,000
Work in process		16,000
Finished goods		30,000

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Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Raw Material Inventory Work-in-Process Inventory Beg. Bal. Beg. Bal. Direct material Direct labor Manufacturing overhead End. Bal. End. Bal. Wages Payable Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished-Goods Inventory Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Receivable Cost of Goods Sold Beg. Bal. Beg. Bal End. Bal. End. Bal