Required information EX 3-31 (Algo) Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) Skip to question [The following information applies to the questions displayed below.] FlatPack Furniture Company, Incorporated, incurred the following costs during 20x2. Raw material used $ 174,000 Direct labor 322,000 During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished, 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 $ 226,000 Work in process 16,000 Finished goods 28,000.