1. Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: Description Materials inventory, May 1 Knight Company $100,000 Ketsa Company $48,200 Materials inventory, May 31 (A) 60,000 Materials purchased 850,000 710,000 Cost of direct materials used in production 938,500 (A) Direct labor 2,860,000 (B) Factory overhead 1,800,000 444,000 Total manufacturing costs incurred in May (B) 2,777,200 Total manufacturing costs 5,998,500 2,666,000 Work in process inventory, May 1 400,200 176,400 Work in process inventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Sales 380,000 (C) (C) 2,491,000 615,000 190,000 596,000 (D) 9,280,000 4,550,000 Cost of goods sold (D) 2,470,000 Gross profit Operating expenses Net income (E) (E) 1,000,000 (F) (F) 1,500,000 ats of the missi Prepare Takm onement of cost of goods manufactured for May c. Prepare Yakima Company's income statement for May.