Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) The following information applies to the questions displayed below.) Relmel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $173,000 321,000 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 firm's inventory accounts are as follows: Raw material Work in process Finished goods $226,000 14,000 32,000 Raw Material Inventory 226,000 173,000 Work-in-Process Inventory 16,000 Beg Bal Beg. Bat. Direct material Direct labor Manufacturing overhead End. Bal. 53,000 End. Bal 16,000 Wages Payable Manufacturing Overhead Beg Bal Beg Bal End, Bal End. Bal Sales Revenue Finished-Goods Inventory Beg. Bal Bog. Bat. End, Bal End. Bal Cost of Goods Sold Accounts Receivable Beg. Bal Wages Payable Beg. Bat Manufacturing Overhead Beg. Bal. End. Bal End. Bal Finished Goods Inventory Sales Revenue Beg Bail Beg Bal End Bal Endal Accounts Receivable Cost of Goods Sold Beg Bal Beg Bal End, Bal End, Bal