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FlatPack Furniture Company, Incorporated, incurred the following costs during 202. Raw material used ...

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Accounting

FlatPack Furniture Company, Incorporated, incurred the following costs during 202.
Raw material used
$173,000
Direct labor
320,000
During 202, manufacturing overhead of $170,000 was applied to production. Products costing $120,000 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 firm's inventory accounts are as follows:
Raw material
$227,000
Work in process
16,000
Finished goods
30,000
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