Required information 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 Direct labor $174,000 324,000 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 $227,000 18,000 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