Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $172,000...

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Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $172,000 320,000 During 20x2, manufacturing overhead of $160,000 was applied to production. Products costing $122,000 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 $226,000 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 Beg. Bal. Beg. Bal. Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $172,000 320,000 During 20x2, manufacturing overhead of $160,000 was applied to production. Products costing $122,000 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 $226,000 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 Beg. Bal. Beg. Bal.

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Raw material Debit Amount Credit Amount To opening BAlance 226000 By work in Process 172000 By closi... View the full answer