Manufacturing caost flow
Reimel Furniture Company, Inc. incurred the following costs during 20x2.
Direct material used $ 173,000
Direct labor 322,000
Manufacturing overhead 170,000
During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm’s inventory accounts are as follows:
Raw material $ 226,000
Work in process 16,000
Finished goods 28,000 balance sheet