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FlatPack Furniture Company, Incorporated, incurred the following costs during 20x2.Raw material used: $173,000 ...

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Accounting

FlatPack Furniture Company, Incorporated, incurred the following costs during 20x2.Raw material used: $173,000
DDirect Laborect labor: 320,000
During 20x2, 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
Prepare a partial balance sheet and a partial income statement. Prepare a partial balance sheet and a partial income statement to reflect the information given above.
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