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 $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. Beg Bal Raw Material Inventory 227,000 174,000 Beg Bal Direct material Direct labor Manufacturing overhead Work-in-Process Inventory 18,000 174.000 324.000 120.000 End. Bal 53,000 End Bal 396,000 Wages Payable Manufacturing Overhead Beg Bal 0 Beg Bal 0 324,000 180,000 End. Bal 324,000 End. Bal 180,000 Sales Revenue Beg Bal Beg Bal 0 Finished Goods Inventory 30,000 120,000 132,000 195,000 End. Bal 18,000 End. Bal 195,000 Accounts Receivable Cost of Goods Sold Beg. Bal 0 Beg. Bal 0 195,000 132,000 End. Bal 195.000 End. Bal 132.000