Required information [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $172,000 320,000 During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $122,000 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 $225,000 18,000 30,000 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Beg. Bal. Raw-Material Inventory 225,000 End. Bal. 53,000 172,000 Beg. Bal. Direct material Direct labor Manufacturing overhead End. Bal. Work-in-Process Inventory 18,000 18,000 Wages Payable Beg. Bal. Manufacturing Overhead Beg. Bal. End. Bal. End. Bal. Finished-Goods Inventory Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Receivable Beg. Bal. Cost of Goods Sold Beg. Bal. End. Bal. End. Bal.