Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: 1 2 Materials inventory, May 1 3 Materials inventory, May 31 Materials purchased s Cost of direct materials used in production Direct labor 7 Factory overhead Total manufacturing costs incurred in May Total manufacturing costs 10 Work in process inventory, May 1 11 Work in process inventory, May 31 12 Cost of nonds manufactured Rainier Company Yakima Company $280,280.00 $179,000.00 (a) 177,500.00 712,000.00 340,000.00 752,000.00 (a) 1,059,600.00 (b) 325,200.00 179,600.00 (b) 1,035,000,00 2,676,800.00 1,479,500.00 $40,000.00 444,500.00 451,400.00 (c) (e) 1.022500.00 Instructions 12 Cost of goods manufactured 13 Finished goods inventory, May 1 14 Finished goods inventory, May 31 15 Sales 16 Cost of goods sold 17 Gross profit 18 Operating expenses 19 Net income (c) 1,027,500.00 478,400.00 201,000.00 495,200.00 (d) 4,143,000.00 1,676,500.00 (d) 1,053,500.00 (e) (e) 540,000.00 (0) (1) 383,000.00 Required: a. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. b. Prepare Yakima Company's statement of cost of goods manufactured for May. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign c. Prepare Yakima Company's income statement for May. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Lables and Amount Descriptions Labels For the Month Ended May 31 For the Year Ended May 31 Amount Descriptions Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Direct labor Factory overhead Finished goods inventory, May 1 Finished goods inventory, May 31 Gross profit Materials inventory, May 1 Materials inventory, May 31 Net income Lables and Amount Descriptions Direct labor Factory overhead Finished goods inventory, May 1 Finished goods inventory, May 31 Gross profit Materials inventory, May 1 Materials inventory, May 31 Net income Net loss Operating expenses Purchases Sales Total manufacturing costs incurred in May Total manufacturing costs Work in process inventory, May 1 Work in process inventory, May 31 Starting Question a. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter a. b. C. Rainler Company Yakima Company e. f. Statement of Cost of Goods Manufactured b. Prepare Yakima Company's statement of cost of goods manufactured for May. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Direct materials Yakima Company Statement of Cost of Goods Manufactured (Label) Statement of Cost of Goods Manufactured 1 2 Direct materials: 3 7 10 11 12 13 S Yakima Company Statement of Cost of Goods Manufactured (Label) Income Statement exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example. Net loss should be negative. Expenses should be positive. 1 2 Cost of goods sold: 3 4 10 Yakima Company Income Statement (Label)