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. b. Yakima, $1,330,000 Materials inventory, May 1 Rainier Company $ 100,000 Yakima Company 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 (a) $ 48,200 50,000 950,000 710,000 938,500 (a) 2,860,000 (b) 1,800,000 446,000 (b) 2,484,200 5,598,500 2,660,600 400,000 176,400 Work in process inventory, May 31 382,000 (c) Cost of goods manufactured (c) 2,491,500 Finished goods inventory, May 1 615,000 190,000 Finished goods inventory, May 31 596,500 (d) Sales 9,220,000 4,550,000 Cost of goods sold (d) 2,470,000 Gross profit (e) (e) Operating expenses 1,000,000 (f) (f) 1,500,000 Net income 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