prepare a balance sheet and income statement

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. Direct material used Direct labor Manufacturing overhead $ 172,e00 320,900 17e,ee0 During 20x2, products costing $120,000 were finished, and products costing $132.000 were sold on account $195,000. There were no purchases of raw material during the year. The beginning balances in the firm's invei accounts are as follows: es Raw material Work in process Finished goods $ 225,00e 16,900 32,000 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. Direct material used Direct labor Manufacturing overhead $ 172,e00 320,900 17e,ee0 During 20x2, products costing $120,000 were finished, and products costing $132.000 were sold on account $195,000. There were no purchases of raw material during the year. The beginning balances in the firm's invei accounts are as follows: es Raw material Work in process Finished goods $ 225,00e 16,900 32,000