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 $160,000 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 Work in process Finished goods $226,000 18,000 32,000 Exercise 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 Check my work 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 Ba Beg. Bal [End Bal End Bal Accounts Receivable Cost of Goods Sold Check my work Required information End. Bal End. Bal Wages Payable Manufacturing Overhead Beg Bali Beg Bal End Bal End. Bal Finished Goods Inventory Sales Revenue Beg Bal Beg Bal End End Bal Accounts Receivable Cost of Goods Sold Beg Bat 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. Book Complete this question by entering your answers in the tabs below. Print Balance Sheet Income Stmt Prepare a partial balance sheet. REIMEL FURNITURE COMPANY, INC. Partial Balance Sheet As of December 31, 20x2 Inventory Income Stumt> Exercise 3-31 Part 2 2. Prepare a partial balance sheet and a partial income statement to reflect the information given above. K 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