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	$	172,000
Direct labor		321,000

During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 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 firms inventory accounts are as follows:

Raw material	$	226,000
Work in process		18,000
Finished goods		28,000

2. Prepare a partial balance sheet and a partial income statement to reflect the information given above. Complete this question by entering your answers in the tabs below. Balance Sheet Income Stmt Prepare a partial balance sheet. REIMEL FURNITURE COMPANY, INC. Partial Balance Sheet As of December 31, 20x2 Inventory: 2. Prepare a partial balance sheet and a partial income statement to reflect the Information given above. Complete this question by entering your answers in the tabs below. Balance Sheet Income Stmt Prepare a partial income statement. REIMEL FURNITURE COMPANY, INC. Partial Income Statement For the Year Ended December 31, 20x2