Question
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.*
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