Problems 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 Materials inventory, May 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in May Total manufacturing costs Work in process inventory, May 1 Work in process inventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Sales Cost of goods sold Gross profit Operating expenses Net income Knight Company $100,000 (A) 850,000 938,500 2,860,000 1,800,000 (B) 5,998,500 400,200 380,000 (C) 615,000 596,000 9,280,000 (D) (E) 1,000,000 (F) Ketsa Company $48,200 60,000 710,000 (A) (B) 444,000 2,777,200 2,666,000 176,400 (C) 2,491,000 190,000 (D) 4,550,000 2,470,000 (E) (F) 1,500,000 a. For both companies, compute the amounts of the missing items (A) through (F). b. Prepare Yakima Company's statement of cost of goods manufactured for May. C. Prepare Yakima Company's income statement for May