Manufacturing income statement, statement of cost of goods manufactured Instructions Labels and Amount Descriptions Starting Question 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. Rainier Company $280,280.00 2 Materials inventory, May 1 Yakima Company $179,000.00 177,500.00 340,000.00 3 Materials inventory, May 31 4 Materials purchased 712,000.00 5 752,000.00 Cost of direct materials used in production 6 Direct labor 1,059,600.00 325,200.00 7 Factory overhead Total manufacturing costs incurred during May 179,600.00 1,035,000.00 Total manufacturing costs 2,676,800.00 540,000.00 1,479,500.00 444,500.00 451,400.00 lo 10 Work in process inventory, May 1 11 Work in process inventory, May 31 12 Cost of goods manufactured . 13 Finished goods inventory, May 1 14 Finished goods inventory, May 31 1,027,500.00 201,000.00 478,400.00 495,200.00 ILLIY UTCirco 1 ,000.00 (b) Total manufacturing costs incurred during May Total manufacturing costs 10 Work in process inventory, May 1 11 Work in process inventory, May 31 12 Cost of goods manufactured 2,676,800.00 540,000.00 451,400.00 1,035,000.00 1,479,500.00 444,500.00 (0) 1,027,500.00 201,000.00 478,400.00 13 Finished goods inventory, May 1 14 Finished goods inventory, May 31 495,200.00 4,143,000.00 1,676,500.00 15 Sales 1,053,500.00 16 Cost of goods sold 17 Gross profit 540,000.00 18 Operating expenses 383,000.00 19 Net income 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." C. Prepare Yakima Company's income statement for May." "Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less" or "Plus" automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading. Labels For the Month Ended May 31 For the Quarter Ended May 31 For the Year Ended May 31 Amount Descriptions Cost of direct materials used 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 Operating expenses Purchases Sales Total manufacturing costs incurred during May Work in process inventory, May 1 Work in process inventory, May 31 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 Rainier Company $240,280 $2,136,800 $1,595,400 X $1,578,600 X $2,564,400 X $2,024,400 X Yakima Company $341,500 $513,900 V $452,000 $175,000 $623,000 $240,000 Feedback Check My Work in the Yakima Company text entries. "Less" or "Plus" will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading. Score: 48/102 Yakima Company Statement of Cost of Goods Manufactured For the Month Ended May 31 1 Work in process inventory, May 1 2 Direct materials: 3 Materials inventory, May 1 4 Purchases 5 Cost of materials available for use 6 Less Cost of direct materials used Cost of direct materials used # Direct labor 9 Factory overhead 10 Total manufacturing costs incurred during May 11 Total manufacturing costs 12 Less Work in process inventory, May 31 13 Cost of goods manufactured C. Prepare Yakima Company's income statement for May. Refer to the Labels and Amount Descriptions list provided for the exact wording of "Plus" will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading. Yakima Company Score: 41/78 Income Statement For the Month Ended May 31 1 ? Sales Cost of goods sold: Cost of goods manufactured Finished goods inventory, May 1 Cost of finished goods available for sale Less Finished goods inventory, May 31 Cost of goods sold Gross profit Operating expenses 10 Net income