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Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6)

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[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		322,000

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 firms inventory accounts are as follows:

Raw material	$	226,000
Work in process		16,000
Finished goods		28,000

Exercise 3-31 Part 1

Required:

1a. Prepare T-accounts to show the flow of costs through the companys manufacturing accounts during 20x2.

1b. Prepare a partial balance sheet and a partial income statement to reflect the information given above.

Thank u so much

Raw-ivaterial inventory vvork-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 Balance Sheet Income Stmt Prepare a partial balance sheet. REIMEL FURNITURE COMPANY, INC. Partial Balance Sheet As of December 31, 20x2 Inventory: Balance Sheet Income Stmt Prepare a partial income statement. REIMEL FURNITURE COMPANY, INC. Partial Income Statement For the Year Ended December 31, 20x2