Required information 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 Direct labor $173,000 321,000 During 20x2, manufacturing overhead of $180,000 was applied to production Products costing $120,000 were finisi and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $226,000 14,000 32,000 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 Banen Steel Income Stmt>