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 100,000 950,000 (a) 938,500 2,860,000 1,800,000 Sales Rainer Company Income Statement For the Month Ended May 31 Cost of Goods Sold: Finished Goods inventory, May 1 615,000 Cost of Goods Manufactured Cost of Finshed Goods Available for Sale Finished Goods inventory, May 31 (596,500) Cost of Goods Sold Gross Profit Operating Expenses Net Income 400,000 (b) 5,998,500 (382,000) (c) 9,220,000 (d) (e) (1,000,000) (f)