Required information The following information applies to the questions displayed below.] 0.7 points Reimel Furniture...
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Required information The following information applies to the questions displayed below.] 0.7 points Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $174.000 324,000 During 20x2, manufacturing overhead of $180,000 was applied to production. Products costing $121,000 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 Work in process Finished goods $225,000 16,000 30,000 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Beg Ba Raw Material Inventory 225,000 174.000 Answer is not complete. Work-in-Process Inventory Beg Bal 16,000 Direct material 174,000 Direct labor 324.000 Manufacturing overhead 180,000 51,000 End. Bal. 694,000 Wages Payable Manufacturing Overhead 180.000 Beg Bal. 0 Beg. Bal. 324,000 324,000 End, Bal 180,000 Sales Revenue Finished Goods Inventory 30,000 Beg Bal l Beg Bal 30.000 Accounts Receivable Cost of Goods Sold Beg Bal. Beg Bal
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