Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used $ 173,000 Direct...

Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used $ 173,000 Direct labor 321,000 Manufacturing overhead 160,000 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 $ 227,000 Work in process 16,000 Finished goods 30,000

Prepare a partial balance sheet and a partial income statement to reflect the information given above.

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