Jay Sports Equipment Company, Inc. incurred the following costs during 20x2.

Direct material used	$174,000
Direct labor	321,000
Manufacturing overhead applied	160,000

During 20x2, 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 firms inventory accounts are as follows:

Raw material

$227,000

Work in process

16,000

Finished goods

32,000

Required:
1.	Prepare T-accounts to show the flow of costs through the companys manufacturing accounts during 20x2. 2. Prepare a partial balance sheet and a partial income statement to reflect the information given above. 2. Prepare a partial balance sheet and a partial income statement to reflect the information given above.