Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: 1 Rainier Company Yakima Company 2 Materials inventory, May 1 $281,680.00 $179,000.00 3 Materials inventory, May 31 (a) 175,500.00 4 Materials purchased 714,000.00 341,500.00 5 Cost of direct materials used in production 752,400.00 (a) 6 Direct labor 1,058,800.00 (b) 7 Factory overhead 325,400.00 178,600.00 8 Total manufacturing costs incurred in May (b) 1,038,000.00 9 Total manufacturing costs 2,677,200.00 1,481,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 453,200.00 (c) 12 Cost of goods manufactured (c) 1,025,500.00 13 Finished goods inventory, May 1 477,800.00 201,500.00 14 Finished goods inventory, May 31 496,400.00 (d) 15 Sales 4,140,000.00 1,678,000.00 16 Cost of goods sold (d) 1,042,000.00 17 Gross profit (e) (e) 18 Operating expenses 543,000.00 (f) 19 Net income (f) 380,500.00