On Company Statement of Cost of Goods Manufactured For the Month Ended December 31, 2014 Work in Process inventory, December 1, 2014 Direct Materials: Materials inventory, December 1, 2014 Purchases Cost of Materials Available for Use Less Materials inventory, December 31, 2014 Cost of Direct Materials Used in Production Direct Labor Factory Overhead Total Manufacturing Costs incurred during December Total Manufacturing Costs Less Work in Process inventory, December 31, 2014 Cost of Goods Manufactured 65,800.00 282,800.00 317,800.00 387,800.00 148,400.00 119,000.00 973,000.00 172,200.00 (b) (c) Sales Cost of Goods Sold: On Company Income Statement For the Month Ended December 31, 2014 Finished Goods inventory, December 1, 2014 Cost of Goods Manufactured Cost of Finshed Goods Available for Sale Less Finished Goods inventory, December 31, 2014 Cost of Goods Sold Gross Profit Operating Expenses Net Income 224,000.00 197,400.00 (c) 1,127,000.00 117,600.00 (d) (e) (f) Rainer Company Statement of Cost of Goods Manufactured For the Month Ended May 31 Work in Process inventory, May 1 Direct Materials: Materials inventory, May 1 Purchases Cost of Materials Available for Use Materials inventory, May 31 Cost of Direct Materials Used in Production Direct Labor Factory Overhead Total Manufacturing Costs incurred during May Total Manufacturing Costs Work in Process inventory, May 31 Cost of Goods Manufactured Gross Profit Operating Expenses Net Income Sales Cost of Goods Sold: Finished Goods inventory, May 1 Cost of Goods Manufactured Cost of Finshed Goods Available for Sale Finished Goods inventory, May 31 Cost of Goods Sold 100,000 950,000 Rainer Company Income Statement For the Month Ended May 31 (a) 938,500 2,860,000 1,800,000 615,000 (596,500) (c) 400,000 5,998,500 (382,000) 9,220,000 (1,000,000) (c) (e) (f)