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Help answer CoursHeroTranscribedText: l Exercise 331 Manufacturing Cost Flows [LO 3-2 , 3-5 , 3-6...

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CoursHeroTranscribedText: l Exercise 331 Manufacturing Cost Flows [LO 3-2 , 3-5 , 3-6 .) Reimel Furniture Company, Inc. incurred the following costs during 20712. Direct material used $174,000 Direct labor 324,000 Manufacturing overhead applied 180,000 During 20x2, products costing $120,000 were nished. 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 $227,000 Work in process 18,000 Finished goods 30,000 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2 2. Prepare a partial balance sheet and a partial income statement to reect the information given above. (Him: See Exhibit 32 .}

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