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 $ 173,666 Direct labor 323,666 During 20x2, manufacturing overhead oi $160,000 was applied to production. Products costing $120,000 were nished. and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material $ 226,666 Work in process 15,666 Finished goods 36,666 Exercise 3-31 Part 1 Required: 1. Prepare Traccounts to show the ow of costs through the company's manufacturing accounts during 20x2. 4 Raw-Material Inventory Work-in-Process Inventory Beg. Bal. 226,000 Beg. Bal. 16,000 173,000 Direct material 173,000 120,000 Direct labor 323,000 Manufacturing overhead 160,000 End. Bal. 53,000 End. Bal. 552,000 Wages Payable Manufacturing Overhead Beg. Bal. 323,000 Beg. Bal. 160,000 160,000 End. Bal. 323,000 End. Bal. Finished-Goods Inventory Sales Revenue Beg. Bal. 30,000 Beg. Bal. 193,000 120,000 132,000Balance Sheet| Income Stmt Prepare a partial balance sheet. REIMEL FURNITURE COMPANY, INC. Partial Balance Sheet As of December 31, 20x2 Inventory: Balance Sheet |Income Stmt Prepare a partial income statement. REIMEL FURNITURE COMPANY, INC. Partial Income Statement For the Year Ended December 31, 20x2