Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $174,000...

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Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $174,000 322,000 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 $225,000 16,000 32,000 Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $174,000 322,000 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 $225,000 16,000 32,000