Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

$281,960.00

$179,000.00

3

Materials inventory, May 31

(a)

178,000.00

4

Materials purchased

712,200.00

341,200.00

5

Cost of direct materials used in production

751,600.00

(a)

6

Direct labor

1,059,200.00

(b)

7

Factory overhead

325,800.00

180,400.00

8

Total manufacturing costs incurred during May

(b)

1,032,000.00

9

Total manufacturing costs

2,677,600.00

1,475,500.00

10

Work in process inventory, May 1

541,000.00

443,500.00

11

Work in process inventory, May 31

452,000.00

(c)

12

Cost of goods manufactured

(c)

1,025,500.00

13

Finished goods inventory, May 1

478,200.00

205,000.00

14

Finished goods inventory, May 31

495,400.00

(d)

15

Sales

4,144,000.00

1,671,000.00

16

Cost of goods sold

(d)

1,053,500.00

17

Gross profit

(e)

(e)

18

Operating expenses

545,000.00

(f)

19

Net income

(f)

382,900.00

Required:
A. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
B. Prepare Yakima Companys statement of cost of goods manufactured for May.*
C. Prepare Yakima Companys income statement for May.*
*Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools for business decision making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th edition

470506954, 471345881, 978-0470506950, 9780471345886, 978-0470477144

More Books

Students also viewed these Accounting questions