Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with the following, thanks Manufacturing income statement, statement of cost of coods manufactured Instructions Amount Descriptions Starting Question Statement of Cost of Goods

image text in transcribed
need help with the following, thanks image text in transcribed
image text in transcribed
Manufacturing income statement, statement of cost of coods manufactured Instructions Amount Descriptions Starting Question Statement of Cost of Goods Manufactured income statement Instructions Several rems are cmitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May Amount Descriptions 1 Rainier Company $100.000.00 Materials inventory, May 1 1. Materials inventory, May 31 Yakima Company 548.200.00 50.000.00 Amount Descriptions Cost of direct materials used in 950,000.00 710.000.00 Materials purchased Cost of direct materials used in production Direct labor production Cost of finished goods available tor sale 938,500.00 2.860,000.00 (b) Cost of goods manufactured ? Factory overhead 1.000.000.00 446,000.00 Cost of goods sold Cost of materials available for D 7.484.200.00 use 5,998,500.00 2.660.600.00 Direct Labor 400,000.00 176,400,00 1 Total manufacturing corb incurred in May + Total manufacturing costs 10 Work in process invertory, May 1 TE Work in process inventory, May 31 Cost of goods manufactured 1 Finished goods inventory, May 1 * Finished goodsinventory, May 31 382,000.00 (0) Factory overhead Finished goods inventory, May 1 Finished goods inventory, May 31 0 2.491.500.00 190.000,00 615,000.00 d) 596.500.00 9.220.000,00 Gross proft Materials inventory, May 1 11 Sales 550.000.00 2.470/000.00 Materials inventory, May 31 1 Cost of goods sold 1 Gross profit Not income le) le) 1 Operating expenses 1,000,000.00 Operating expenses Purchases 19 Net income 1.500.000,00 S Required: 3. Determine the amounts of the missing moms, identifying them by letter Enteral amounts as positive numbers 1. Prepare Yakome Companys statement of cost of goods manufactured for May. For mode boxes ni unich you must enter attracted or negative numbers use a mission Prepare Vukome Company income statement for May Enter at amounts as positie numbers "Refer to the Amount Description is provided for the exact wording of the answer choice for extent C Statement of Cost of Goods Manufactured D. Prepare Yakima Company's statement of cost of goods manufactured for May Refer to the Amount Descriptions lidt 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. Yakima Company Statement of Cost of Goods Manufactured For the Month Ended May 31 1 Direct materials: $ 13 7 1 30 11 Total manufacturing costs 13 Starting Question a Determine the amounts of the missing da, identing them by letter Enteral amount as positive numbers Letter Rainier Company Yakima Company 5 5 5 S 5 S 5 S 5 5 1 IS S c. Prepare Yakima Company's income statement for May. Refer to the Amount Descriptions list provided for the exact wording of the Yakima Company Income Statement For the Month Ended May 31 1 2 Cost of goods sold: 3 4 5 6 7 8 9 10

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions