Rainier Company S 100,000 Yakima Company S 48,200 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 during 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 1,500 950,000 50,000 710,000 938,500 (a)708,200 2,860,000(b)1,330,000 446,000 2,484,200 2,660,600 176,400 1,800,000 598,500 5,598,500 400,000 382,000(c) 2,491,500 190,000 615,000 596,500 9,220,000 (d)5.635,000 (d) Sales 4,550,000 2,470,000 Cost of goods sold Gross profit (o) 3.585,002.080,000 Operating expenses Net income 1,000,000( 1,500,000 YAKIMA COMPANY Statement of Cost of Goods Manufactured For the Month Ended May 31 Work in process inventory, May 1 Direct materials aterialsinvento Purchase ast of materials available for use 710.000 5 758/200 poo Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs 4.330,000 S 2,660,600 Cost of goods manufactured 3. YAKIMA COMPANY Income Statement For the Month Ended May 31 Sales Cost of goods sold 4,550,000 Finished goods inventory, May 1 Cost of goods manufactured Cost of finished goods available for sale 5 190,000 2,491,500 2,681,500 211,500 ished goods invent Cost of goods sold Gross profit Operating expenses Net income 2,470,000 5 2,080,000 580,000 5 1,500,000 PR 18-4A Manufacturing income statement, statement of cost of goods OBJ. 2, 4 manufactured Several it statement data for two different companies for the month of May. ems are omitted from the income statement and cost of goods manufactured Rainier Company $100,000 Yakima Company S 48,200 50,000 710,000 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 during 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 proft Operating expenses Net income 950,000 938,500 2,860,000 1,800,000 446,000 2,484,200 5,998,5002,660,600 400,000 382,000 176,400 2,491,500 190,000 615,000 596,500 9,220,000 4,550,000 2,470,000 1,000,000 1,500,000 Instructions 1. Determine the amounts of the missing items, identifying them by letter. 2. Prepare Yakima Company's statement of cost of goods manufactured for May 3. Prepare Yakima Company's income statement for May