Required Information Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) [The following information applies to the questions displayed below.] Relmel Furniture Company, Inc., Incurred the following costs during 20x2. Raw material used $ 173,360 Direct labor 320, 360 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 firm's Inventory accounts are as follows: Raw material $ 225,306 Work in process 16,303 Finished goods 32,030Exercise 3-31 Part 1 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Raw-Material Inventory Work-in-Process Inventory Beg. Bal. Beg. Bal. Direct material Direct labor Manufacturing overhead End. Bal. End. Bal. Wages Payable Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished-Goods Inventory Sales Revenue Beg. Bal. Beg. Bal End. Bal. End. Bal. Accounts Receivable Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal.Exercise 3-31 Part 2 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: Exercise 3-31 Part 2 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